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ALRY News Allenergy Acquires 'Turnkey' Kansas Lease; Will In...
Wednesday, June 18, 2008 10:02 AM

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News for 'ALRY' - (Allenergy Acquires 'Turnkey' Kansas Lease; Will Increase Daily Production Numbers)


INDEPENDENCE, Kan., June 18, 2008 /PRNewswire-FirstCall via COMTEX/ --
Allenergy, Inc. (Pink Sheets: ALRY), an independent oil and gas producer focused
on Southeastern Kansas, has acquired the 160-acre Bane Lease located in south
central Chautauqua County, Kansas. The Bane Lease has three existing wells
completed in the Wayside Formation that was shut in during a prior period of
declining oil prices. Accumulative production of these three wells totaled 7,571
barrels of oil produced.

"This is a major next step in our business strategy of acquiring more leaseholds
to the west of our current production leases," said Larry Sanford, President and
CEO of Allenergy. "Due to the geographical features of this the Bane Lease, the
result will be to obtain greater daily production numbers to build to the
continuous oil inventory needed to achieve our goals."

According to Allenergy, the Bane lease is completely equipped, including pumping
units, electrical components and all necessary hardware needed to be put back
into production immediately. The tank battery is fully intact with an all-season
road to accommodate the oil marketers' transports for oil pickup.

"The Bane Lease was never fully drilled out because of the declining oil prices
at the time of being shut in. Allenergy believes that four strategic locations
need to be drilled to maximize the potential oil recovery on this prolific
160-acre lease. A drilling rig is scheduled for the last week in June to drill
the first of those four wells. Because of the deeper Wayside Formation
encountered in this area versus the formation in our more shallow leases to the
East, we expect excellent bottom hole pressure which would mean greater oil
recovery and longevity from each well," stated Mr. Sanford.

"With our most recently-reported oil sales at $99.70 per barrel, and the fact
that we have acquired essentially a turnkey operation, we expect the new Bane
Lease to be a significant addition to our growing number of producing wells,"
concluded Allenergy's President.

About Allenergy: Allenergy, Inc. (Pink Sheets: ALRY - News) is an independent
energy company strategically focused on Southeastern Kansas where it currently
holds approximately 4,740 acres of leased land with more than 150 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.





Contacts: Larry Sanford

[e-mail]

Allenergy, Inc.: 620/331-9992



E&E Communications Paul Knopick, [phone]

[e-mail]



SOURCE Allenergy, Inc.



URL: http://www.allenergyinc.com

www.prnewswire.com


Copyright (C) 2008 PR Newswire. All rights reserved

-0-




KEYWORD: Kansas

INDUSTRY KEYWORD: OIL

OTC

SUBJECT CODE: RLE



Source: Comtext Market News

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