Allied Energy, Inc.
Announces Spudding of the Allied Clanton #1-H Well
BOWLING GREEN, KY-- (Marketwire ? July 19, 2013) - Allied Energy, Inc. (?Company?) (OTCMarkets: AGGI) is pleased to announce that drilling operations have commenced on a horizontal well in Milam County, Texas, on behalf of two general partnerships sponsored by the Company.
Allied Clanton #1-H well: The Allied Clanton #1-H well was recently spud and is planned to be drilled to a total vertical depth (TVD) of approximately 6,300 feet, and a total measured depth (TMD) of approximately 8,400 ft.
As of noon on Thursday, July 18, 2013, vertical progress was approximately 5,800 ft.
The well will be testing the Buda, Eagle Ford, and Georgetown formations in order to determine the best candidate for the horizontal lateral. With successful completion of the horizontal lateral, the Company believes the well could be completed by the end of 3rd quarter, 2013.
The Company has a 0.197% working interest in the well.
About Allied Energy:
Allied Energy, Inc. 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 and as the turnkey operator for the partnerships, and often owns small interests in the partnerships and/or small interests in the properties in which the partnerships participate.
The Company?s ultimate strategic focus is on the development of oil and natural gas production and reserves. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. For more information: www.alliedenergy.com
Forward-Looking and Continuing Statements:
Certain 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," and similar expressions. Such forward-looking statements involve known and unknown risks, including, but not limited to, geological and geophysical risks inherent to the oil and gas industry, and uncertainties and other factors that may cause the actual results, price of oil and natural gas, state of the economy, industry regulation, reliance upon expert recommendations and opinions, and performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company?s ability to obtain sufficient capital or strategic business arrangements to fund its drilling plans; (ii) the Company?s ability to build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control, including but not limited to the strength of the overall economy; and (iv) other risk factors inherent to the oil and gas industry.
Contact:
Heather Age
Allied Energy, Inc.
2427 Russellville Road
Bowling Green, KY 42101
Phone: 800-330-2535
Fax: 800-251-9322
Website: http://www.alliedenergy.com
Email: info@alliedenergy.com