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Allied Energy, Inc. Announces Resignation of Director and Dissolution of Non-Economic Partnerships
Allied Energy, Inc. Announces Resignation of Director and Dissolution of Non-Economic Partnerships.
About this update from Allied Energy, Inc.
[{"type":"text","content":"\n \n \n Allied Energy, Inc. Announces Resignation of Director and Dissolution of Non-Economic Partnerships\n \n \nAllied Energy, Inc. Announces Resignation of Director and Dissolution of Non-Economic Partnerships\n \n BOWLING GREEN, KY--(Marketwired - Jan 3, 2014) -  Allied Energy, Inc. (\"Company\") (OTC Pink: AGGI) today announced that on December 30, 2013, Robert Anastario, Jr. resigned as a member of the board of directors of the Company. Richard Muller and Scott Harris are the two continuing directors of the Company.\n The Company also announced that it has completed its evaluation of certain general partnerships for which it acts as managing general partner in Oklahoma and Colorado. Based upon the findings, and pursuant to the partnership agreements of the affected partnerships, Allied, as managing general partner, has dissolved and plans to terminate the following general partnerships due to non-profitability and continuing cash deficits from the operations of those non-economic partnerships.\n Bush Spectrum 7 Development\n Caney River CBM Production and Drilling Program\n Cherokee 25 Production & Drilling\n Hickory 4\n Hickory Hollow Production & Drilling Program\n Morgan County Off-Set Development\n Morgan County Off-Set Program\n Pawnee-Rogers County Joint Venture\n Pawnee-Rogers County Development\n Pawnee-SE Ohio Development\n SE Ohio Shale & Oriskany Development\n South Rogers Six\n T3 CBM Development\n Talala Coalbed Methane Development\n US CBM Energy Program\n Allied continues to serve as managing general partner for approximately 35 additional partnerships and joint ventures that are operating in areas of Texas and Oklahoma.\n About Allied Energy: Allied Energy, Inc. is engaged in the oil and gas exploration and development business, with operations located primarily in Texas and Oklahoma. The Company sponsors oil & gas partnerships through which it raises funds for the drilling and development of oil & gas wells. The Company serves as managing general partner of the partnerships and often owns differing partnership interests in the partnerships and/or differing direct interests in the properties in which the partnerships participate. \n The Company's ultimate strategic focus is on the development of oil and natural gas production and reserves. The Com...