Allied Completes $250,000 Equity Private Placement with Lantern Rock

Allied Energy Corporation has announced the completion of a $250,000 equity private placement with Boston, Massachusetts based Lantern Rock LP.

The proceeds from this financing will be used for general and administrative purposes, specifically for the purpose of completing the definitive merger agreement with Zambia based Starfield Minerals Ltd.

The private placement terms were as follows: Shares were purchased by investor at a price of 0.05 cents (Restricted) with 50% warrant coverage at 15 cents (3 year warrants). There have been no registration rights offered in conjunction with this financing.

Allied Energy Corporation Chief Executive Officer Seth M. Shaw, commented "Management is pleased to have secured the first meaningful capital infusion for the Company, from a quality investor. The Company is working diligently to complete the definitive merger agreement with Starfield Minerals Ltd. and create lasting shareholder value. The Company has received expressions of interest from a number of institutional investors, once the definitive agreement is complete."