AGGI Allied Energy Inc (PK)

BOWLING GREEN, KY-- (Marketwire – February 13, 2013) -
Allied Energy, Inc. (“Company”) (OTCMarkets: AGGI) today announced that plans have been finalized to move forward
with the completion of the Yakesch #2H horizontal oil well located on the
Company’s Yakesch Unit in Milam, County, TX.

The
well was drilled to a total vertical depth (TVD) of 5,923 feet, and a total measured depth
(TMD) of 6,755 feet.
During drilling operations, oil was detected in the “pits” and a series of
fractures in the Buda Limestone were encountered with a significant show of gas.
The gas to surface was very significant, to a point that mud had to be diverted
through a gas control choke and flared. 
Samples indicated limestone with fractures along with a bright blue and
yellow fluorescence, which is indicative of oil.  Completion operations
have commenced, and management expects to be in a position to report an initial
production rate of the well within 30 to 40 days.

Allied
further announces that, based on the initial analysis of this well (the Yakesch
#2H), the Company plans to drill an additional horizontal well on the Yakesch
Unit.

Allied’s
CEO, Scott Harris, stated: “I believe that what we know about this well
provides an excellent rationale for proceeding to drill a second location on
this lease.”

The costs of developing the Yakesch #2H well are being funded by two
general partnerships sponsored by the Company.  The partnerships hold an aggregate majority working interest
in the Yakesch #2-H well.  The
Company holds a 0.1% working interest (0.075% net revenue interest), inclusive
of its interests in the general partnerships.

About Allied Energy:

Allied
Energy, Inc. is engaged in the oil and gas exploration and development
business, with operations located primarily in Texas, Oklahoma and Ohio.  The Company 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 of the partnerships and often owns differing
partnership interests in the partnerships and/or differing direct interests in
the properties in which the partnerships participate. 

The
Company’s subsidiaries include Allied Operating, LLC and Allied Operating,
Texas, LLC, two operating companies that are used to manage the drilling,
development and operations of the oil & gas drilling partnerships sponsored
by the Company, as well as for other non-affiliated oil and gas companies that
are joint interest owners in drilling activities owned primarily by
partnerships sponsored by the Company. 
The Company is also majority owner of Allied Gas Transmission, Inc.,
which owns the pipeline system used to transmit production from gas wells
located in Rogers County, Oklahoma to gas purchasers.

The
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

Forward-Looking and Continuing
Statements:

Certain
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, 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, 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.

Contact:

Heather Age

Allied Energy, Inc.

2427 Russellville Road

Bowling Green, KY 42101

Phone: 866-256-5836

Fax:
800-251-9322

Website:  http://www.alliedenergy.com

Email: 
info@alliedenergy.com

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