Allied Energy Announces Apparent Drilling Success in Pawnee Countyadmin
Monday, August 25th 2008
Allied Energy, Inc. announced today that it has drilled the Foust #7-9 well located in Pawnee County, Oklahoma to a total depth of 3,000 +/- feet and encountered oil and/or gas shows in at least five conventional reservoirs.
The Foust #7-9 is currently in the completion process and is anticipated to establish commercial oil production in the next couple of weeks. Although the Company is very confident in these results, no assurances can be made that commercial oil production will be established.
“Based on the professional recommendations from multiple field experts, historical oil production data in this area and analyses made from the electric well log, we are confident that the Foust #7-9 could potentially become one of the better producers in this field,” said Allied’s President, Steve Stengell. “We are currently preparing to begin drilling operations for the second location, the Foust #8-9.”
Allied Energy, Inc. 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 relies upon its industry partners, well operators, third party geologists, industry consultants, petroleum engineers, and financial analysts whose combined industry experience is essential to the success of each project. Understanding the inherent risks of oil and gas development, Allied Energy’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.
For more information: www.alliedenergy.com