Settles Litigation with Former
Officers and Directors
BOWLING GREEN, KY-- (Marketwire ?
July 31, 2013) - Allied Energy, Inc. (?Allied?) (OTCMarkets: AGGI) has entered
into a settlement agreement concerning the litigation and all other matters
with Steven Stengell, its former CEO and Chairman, two other former officers,
and another former employee.
Energy, Inc. sponsors oil & gas partnerships through which it raises funds
for the drilling and development of oil & gas wells. The Company serves as managing general
partner and as the turnkey operator for the partnerships, and often owns small
interests in the partnerships and/or small interests in the properties in which
the partnerships participate.
Company?s ultimate strategic focus is on the development of oil and natural gas
production and reserves. The
Company believes that its oil and natural gas development strategy will provide
growth to the Company in the future.
For more information: www.alliedenergy.com
and Continuing Statements:
statements in this release and the attached corporate profile that are not
historical facts are "forward-looking statements" within the meaning
of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by
the use of words such as "anticipate," "believe,"
"expect," "future," "may," "will,"
"would," "should," "plan," "projected,"
"intend," and similar expressions. Such forward-looking statements involve known and unknown
risks, including, but not limited to, geological and geophysical risks inherent
to the oil and gas industry, and uncertainties and other factors that may cause
the actual results, price of oil and natural gas, state of the economy,
industry regulation, reliance upon expert recommendations and opinions, and
performance or achievements of the Company to be materially different from
those expressed or implied by such forward-looking statements. The Company's future operating results
are dependent upon many factors, including but not limited to: (i) the
Company?s ability to obtain sufficient capital or strategic business
arrangements to fund its drilling plans; (ii) the Company?s ability to build the
management and human resources and infrastructure necessary to support the
growth of its business; (iii) competitive factors and developments beyond the
Company's control, including but not limited to the strength of the overall
economy; and (iv) other risk factors inherent to the oil and gas industry.