BOWLING GREEN, KY--(MARKET WIRE)--Oct 16, 2006 -- Allied Energy Group, Inc. (Other OTC:AGGI.PK - News) announced today that the Company is participating with the Young Oil Corporation in the drilling and development of three gas wells located in Knox County, Kentucky.
"Our primary target in Knox County is the Big Lime formation," said Steve Stengell, Sr. Vice President of Operations for the Company. "An understanding of the reservoir's characteristics and the application of seismic data is key to this area, and Young Oil is the prominent developer in this area."
"The company is delighted to work with the Young Oil Corporation on this project and is confident that the outcome from these three wells will result in more extensive development of this area in the future," said Scott Harris, Allied's Sr. Vice President, who added, "Field operations are currently underway."
About Allied Energy Group
Allied Energy Group, Inc. (Other OTC:AGGI.PK - News) 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 employs geologists, petroleum engineers, seismic specialists, and financial analysts whose combined industry experience is essential to the success of each project. Allied Energy Group'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.
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