Allied Energy Provides an Update for Its Projects in Southeast Ohio

BOWLING GREEN, KY, Apr 29 (MARKET WIRE) --
Allied Energy, Inc. (PINKSHEETS: AGGI) provided the following report
regarding its projects in Washington and/or Athens Counties, Ohio.

Southeast Ohio Development (4-well program in southeast Ohio):

The Humphrey #1, Pannel #1, Kidder #1 and Bailey #1 each have been drilled
to 4,000 +/- feet and have each been completed for production. The four
wells combined are producing in the range of 120,000 cubic feet of gas per
day. Initial revenue distributions were made last month with additional
production revenue accrued and awaiting to be distributed in the near
future.

Bush Spectrum 7 (2 wells in SE OH, 1 well in Fisher County, TX):

The Sillaman #1 and Ladd #1 have each been drilled to a total depth of
4,000 +/- feet and encountered indications of gas in several formations
including the Oriskany Sandstone and various members of the Ohio Shale.
Both wells have been completed for production and are producing a reported
combined production of 47,000 cubic feet of gas per day. Revenue
distributions should begin in the next 60 days. The Fisher County, Texas
well was drilled to total depth and deemed noncommercial for production of
oil and/or gas.

Pawnee SE Ohio Development (2 wells in SE Ohio, 2 wells in Pawnee County,
OK):

The Hutchinson #1 and Cunningham #1 wells in southeast Ohio are currently
in completion. The Hutchinson #1 should go into production any day at an
estimated rate of 150,000 cubic feet of gas per day.

The Foust #9-9 and #10-9 have been drilled to total depth and are
currently in completion in Pawnee County, Oklahoma.

Rogers Southeast Ohio Development (1 well in SE Ohio, 4 wells in Rogers
County, OK):

The Watkins #1 was completed for production several weeks ago and has
since has been producing in the estimated and reported range of 120,000
cubic feet of gas per day.

The four well locations in Rogers County, Oklahoma have been selected and
drilling operations are tentatively scheduled to begin in the next several
weeks.

The Company now has a total of nine (9) wells producing in Washington
and/or Athens Counties, Ohio and anticipates targeted aggregate production
of 600,000 cubic feet of gas per day.

The Company can make no assurances as to present and/or future production
rates or estimates for any given well or project. There are risks and
uncertainties associated with any oil and gas drilling, completion and
production operations.

"The Company has discovered and produced gas for each of the nine (9)
wells drilled. Moreover, these wells have the ability to produce for up to
thirty years. We are attempting to gain a better understanding of how
reservoir characteristics potentially distinguish a higher producer apart
from a moderately producing well," explained Allied's President, Steve
Stengell. "Ultimately, we believe the gas market in this area is one of
best in the country," added Stengell.

About Allied Energy

Allied Energy, Inc. (PINKSHEETS: AGGI) 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, third party
geologists, industry consultants, petroleum engineers, and financial
analysts whose combined industry experience is essential to the success
of each project. Understanding the inherent risks of oil and gas
development, 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 natural gas exploration strategy should provide substantial
growth to the company for the years to come.

For more information: www.alliedenergy.com

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,
uncertainties and other factors that may cause the actual results,
performance or achievements of the Company to be materially different from
those expressed or implied by such forward-looking statements. It is
impossible to accurately forecast production rates or reserves for any
given well. The fact implement weather, mechanical failure, etc. may
result in down-time for producing wells and is beyond the Company's
control. The Company may have varying degrees of working and net revenue
interest ownership in each well and/or prospect. Thus, gross revenue
projections may not be equal to what is distributed net to the Company.
The Company's future operating results are dependent upon many factors,
including but not limited to the Company's ability to: (i) obtain
sufficient capital or a strategic business arrangement to fund its
expansion plans; (ii) 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; and
(iv) other risk factors inherent to the oil and gas industry such as the
reliance upon the recommendations and information provided by industry
experts including but not limited to filed operators, geologist, etc.

Company Contact:
Steve Stengell
Allied Energy, Inc.
2800 Griffin Dr,
Bowling Green, KY 42101
Phone: 866-256-5836
Fax: 800-251-9322
Website: www.alliedenergy.com
Email: info@alliedenergy.com

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