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Allied Energy Provides an Operations Update for its Cox Lease in Rogers County, Oklahoma
Allied Energy Provides an Operations Update for its Cox Lease in Rogers County, Oklahoma.
About this update from Allied Energy, Inc.
[{"type":"text","content":"BOWLING GREEN, KY—July 8, 2010 - Allied Energy, Inc. (AGGI.PK) announced today that the Company, through its wholly owned subsidiary, Allied Operating Oklahoma, LLC, provided the following operations update for its Cox lease in Rogers County, Oklahoma.The Micheyla #4 was drilled to a total depth of approximately 1,200 feet in vertical depth and encountered an estimated 15 feet of net pay in the Mississippi Limestone formation.The Micheyla #1 and #2 wells were put in production in the latter part of May and have sold nearly 800 barrels of crude oil to date.\"We are very pleased with the results we have seen thus far and are currently drilling our fourth location, the Micheyla #3,\" said Steve Stengell, Allied's President.There exist tremendous risks and uncertainty associated with oil and natural gas development including, but not limited to, the geological and mechanical risks associated with drilling, completion and production operations. The Company can make no assurances as it relates to estimated reserves, production rates, reservoir characteristics, net or gross pay-zone, timelines, etc. for any oil and gas project.About Allied Energy:Allied Energy, Inc. (Pinksheets:AGGI - News) is an independent energy development firm primarily engaged in the exploration, development, and production of oil and natural gas in the continental United States. The Company relies upon its industry partners, well operators, geologists, petroleum engineers, subcontractors and financial analysts whose combined industry experience is essential to the success of each project. Allied Energy's strategic focus is the development of oil and natural gas reserves. As the fuel of choice to meet the growing demand for a clean-burning domestically produced fuel, the Company firmly believes its oil and natural gas exploration strategy will provide substantial growth to the Company for years to come. For more information: www.alliedenergy.comCertain statements in this release and the attached corporate profile that are not historical facts are \"forward-looking statements\" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as \"anticipate,\" \"believe,\" \"expect,\" \"future,\" \"may,\" \"will,\" \"would,\" \"should,\" \"plan,\" \"projected,\" \"intend,\" ...