CORRECTION: Allied Energy, Inc. Settles Litigation with Former Officers and Directors

Allied Energy, Inc.

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. 

About Allied Energy:

Allied 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. 

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, 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.

Contact:

Heather Age

Allied Energy, Inc.

2427 Russellville Road

Bowling Green, KY 42101

Phone:[phone]

Fax: [phone]

Website:  http://www.alliedenergy.com

Email:  [e-mail]