ALRY GREAT NEWS!!!!!!!!!!!!!
Allenergy Begins Due Diligence on New 600-Acre Property
COFFEYVILLE, Kan., May 23 /PRNewswire-FirstCall/ -- Allenergy, Inc.
(OTC: ALRY), with a 17-year history in the oil and gas industry and current
involvement in the multi-billion dollar natural gas fields in Kansas and
Oklahoma, is pleased to announce that it has begun due diligence work on
600 acres located in Elk County, Chautauqua and Montgomery Counties,
Kansas. The properties consist of nine leases, equipped with thirty-two
wells, three disposal wells and necessary components for producing
Eleven of the thirty-two wells are currently producing 135 mcfpd.
Allenergy believes that several of the remaining twenty-one wells can
immediately be put into production with minimal capital expenditures. This
offering is in the immediate area of the Project 4, Dark Treasures and the
recently acquired Bayless "B" lease.
This project was offered to Allenergy Inc. exclusively as a result of
the Seller's acknowledgement of the Company's proven and innovative results
over the past 12 months.
Company management has concurred with the negotiated terms between the
Seller and Allenergy Inc. including that, with a sub-par down-payment, the
entire ownership will be conveyed to Allenergy's assets. The remaining
monies will be disbursed with a portion of production revenues in the third
and fourth quarters of this year. During these quarters, the revenue
numbers must reflect a guaranteed ROI in eighteen months or the remaining
selling price will be adjusted accordingly.
"Allenergy has amassed an impressive stronghold contiguous with the
prolific Longton Anticline area that has been documented by several geology
studies," said Larry Sanford, President. "We will continue to regularly
update shareholders on these achievements."
About Allenergy: Allenergy, Inc. (OTC: ALRY) is strategically focused
on areas of Kansas and Oklahoma believed to contain more than 1.5 trillion
cubic feet of natural gas and helium at shallow depths. The Company
currently holds approximately 5,500 acres of leased land with over 100 oil
and gas wells on its producing properties.
For more information about the Company, please visit http://www.allenergyinc.com
Note: Certain statements in this news release may contain "forward
looking" information within the meaning of rule 175 under the Securities
Act of 1933 and Rule 3b-6 under the Securities Act of 1934 and are subject
to the safe harbor created by those rules. All statements, other than
statements of fact, included in this release, may include forward-looking
statements that involve risks and uncertainties. There can be no assurance
that such statements will be accurate and actual results and future events
could differ materially from those anticipated in such statements.
Allenergy, Inc.: 877-277-8171.
Contacts: J.C. Friend at firstname.lastname@example.org
E&E Communications Paul Knopick, (949) 707-5365
SOURCE Allenergy, Inc.