Allied Energy Group, Inc. has signed an agreement to acquire existing production and 1,895 acres to be developed in southern Rogers County, Oklahoma.

Allied will acquire working interest ownerships in 9 producing wells, 2 wells to be serviced and placed in production, and 1,895 additional acres located near Oologah, Oklahoma. Allied will immediately complete 5 wells and drill nine new wells on the acquired acreage.

"We believe this is a tremendous opportunity to develop the existing coal seams and Mississippi Limestone for both gas and oil production in one project area," said Steve Stengell, Allied's Executive Vice President of Operations.

This acquisition is a southern extension of an area where the Company is executing a strategy of developing conservative projects with very consistent returns. Allied is focused on securing additional acreage in Rogers County with the goal of drilling about 150-200 CBM wells over the next couple of years.