Business
Allied Energy Receives Current Rating from OTCmarkets.com
Allied Energy Receives Current Rating from OTCmarkets.com.
About this update from Allied Energy, Inc.
[{"type":"text","content":"BOWLING GREEN, KY-- (OTC: AGGI.PK) December 2, 2010-- Allied Energy announced today that the Company has received a current status rating as it relates to information disclosure to the general public from otcmarkets.com. The Company’s financial statements and other corporate information are available at www.alliedenergy.com and otcmarkets.com Earlier this spring, the Allied Operating Howard #1H, Allied’s first horizontal well, was drilled to a total measured depth of approximately 17,000' in two horizontal laterals oriented northwest and southeast along existing trends. The Howard #1H encountered a series of natural gas bearing intervals while drilling through the primary objective Buda /Georgetown Limestone Formation.On May 15, 2010, the Howard #1H had an initial flowing test rate of 4,011 MCFGD on a 20/64\" choke with associated condensate and has initially produced, as expected, at an estimated sales rate of ~2,000 MCFD of gas with 25 to 30 BCPD while maintaining ~ 2250 PSI FTP.The Company is currently drilling its second well in Grimes County,Texas, the Allied Howard #2H, and is scheduled to begin drilling its first horizontal well in Leon County, Texas in the next week or two.\"We are extremely pleased with the results we have seen thus far for 2010 field operations in Texas and Oklahoma and are ultimately pleased with the transparency provided by OTCmarkets.com”, said Steve Stengell, Allied’s President and CEO.No assurance can be made as to the Company’s future success and/or ability to sponsor general partnerships or other oil and naturalgas projects. Nor can assurancescan be made as it relates to present or future production rates or estimated reserves for any given project. Tremendous risks and uncertainty are associated with oil and gas drilling, completion, development and production operations.It is impossible to estimate future rates and/or declines in production operations for oil, condensate and natural gas.Allied Energy has achieved the “Best of Bowling Green” award for the category of crude oil and natural gas production for thelast two years and was recently awarded, by an independent selection committee, Bowling Green’s “Outstanding Business of the Year” for 2010. About Allied EnergyAllied Energy, Inc. (Other OTC:AGGI.PK -...