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ALRY (.033) Allenergy, Inc. Announces Half-Million Dollar Profit on Sale of Lease in Oklahoma
Thursday, June 26 2008 10:01 AM, EST

PR Newswire    "US Press Releases "
INDEPENDENCE, Kan., June 26 /PRNewswire-FirstCall/ -- Allenergy, Inc. (Pink Sheets: ALRY), an independent oil and gas producer focused on Southeastern Kansas , today announced a profit of $500,000 on the sale of its Creek County, Oklahoma , lease.
"We are very pleased with the proceeds we have received from this sale, particularly since it since it keeps us focused on South Central Kansas and Allenergy's areas of proven deeper oil reserves," said Larry Sanford, CEO and President of Allenergy.
"Allenergy will now be fully funded for our new well drilling campaign throughout the remainder of 2008 and into 2009, and that is extremely important," Mr. Sanford said. "The drilling campaign that we envision should be one-third the cost compared to the Creek County well in Oklahoma because ALRY already has its infrastructure in place in Kansas ."
The upcoming drilling schedule will begin with the newly acquired Bane County lease #1 Well. Following the Bane Well, will be the Ball #20 and, should the Bane #1 prove successful, the Bane #2 will follow. Shortly afterwards will be the new Moore and Clark wells. "Now that the weather is starting to cooperate, we expect to report excellent existing well reports as well as updated dollar per/barrel increases," concluded Mr. Sanford.
About Allenergy: Allenergy, Inc. (Pink Sheets: ALRY) 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.