Allied Energy Provides Production Update for Projects in Southeast Ohio

Allied Energy provided the following report regarding its projects in Washington and/or Athens Counties, Ohio.

Southeast Ohio Development (4-well program in southeast Ohio)

The Humphrey #1, Pannel #1, Kidder #1 and Bailey #1 each have been drilled to 4,000 +/- feet and have each been completed for production. At the end of May, the four wells combined are producing in the range of 90,000 - 120,000 cubic feet of gas per day.

Bush Spectrum 7 (2 wells in SE OH)

The Sillaman #1 and Ladd #1 have each been drilled to a total depth of 4,000 +/- feet and encountered indications of gas in several formations including the Oriskany Sandstone and various members of the Ohio Shale. Both wells at the end of May have been completed for production and are producing a reported combined production of 45,000 cubic feet of gas per day. Revenue distributions should begin in the next 30 days.

Pawnee SE Ohio Development (2 wells in SE Ohio, 2 wells in Pawnee County, OK)

The Cunningham #1 well has begun production but needed some additional rework. The Cunningham #1 should be back in production very soon. The Hutchinson #1 was placed in production at an estimated rate of 150,000 cubic feet of gas per day and at the end of May continues to produce at a rate of nearly 100,000 cubic feet of gas per day. Revenue distributions should begin in the next 30 - 45 days.

The Foust #9-9 and #10-9A have been completed and are awaiting production in Pawnee County, Oklahoma. They should go into production this week pending the installation of electric.

Rogers Southeast Ohio Development (1 well in SE Ohio, 4 wells in Rogers County, OK)

The four (4) wells located in Rogers County, Oklahoma have been drilled and are currently in completion.

At the end of May, the Watkins #1 continues to produce in the estimated and reported range of 120,000 cubic feet of gas per day.

"The Company now has a total of nine (9) wells producing or to be producing in Washington and/or Athens Counties, Ohio and anticipates future targeted aggregate production of 40,000 - 600,000 cubic feet of gas per day," said Steve Stengell, Allied's President.

The wells have been temporarily shut-in in order for repairs to be made to the main gas line.

The Company can make no assurances as to present and/or future production rates or estimates for any given well or project. There are risks and uncertainties associated with any oil and gas drilling, completion and production operations.


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