Allied Energy, Inc. (AGGI)

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AGGI: over 17 successful wells in 2 weeks!

This company is an amazing gas discovery machine
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Allied Energy Group, Inc. Announces Its Successful Drilling Operations With the Young Oil Corporation
BOWLING GREEN, KY -- (MARKET WIRE) -- October 19, 2006 --

Allied Energy Group, Inc. (PINKSHEETS: AGGI) announced today that, partnered with the Young Oil Corporation, the Company has successfully drilled and discovered gas in all three of its wells located in Knox County, Kentucky.

"The Don Sullivan #8, Clarence Bright #2, and Dale Greer #1 were successfully drilled and are now scheduled to be completed for the production of natural gas," said Scott Harris, Allied's Sr. Vice President of Business Development. "Although there can be no assurances we expect all three wells to go into production in the next 45 days."

"An estimated 60 feet of reported reservoir for the Big Lime formation in the Don Sullivan #8 is encouraging," said Steve Stengell, Sr. Vice President of Operations for the Company. "We believe that after the stimulation treatment and completion of these wells we can expect a stable long-term addition to the company's oil and gas income stream."