Allenergy Begins Due Diligence on New 600-Acre Property
May 23, 2007 /PRNewswire-FirstCall via COMTEX/ -- Allenergy, Inc. (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 capabilities. 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. (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 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.
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