|
Allenergy Updates Its Shareholders
INDEPENDENCE, Kan., Jan 06, 2009 /PRNewswire-FirstCall
via COMTEX/ -- Allenergy, Inc. (Pink Sheets: ALRY), with
an 18-year history in the oil and gas industry and
current involvement in the multi-billion dollar oil and
natural gas fields in Kansas and Oklahoma, today
announces an updated report for its shareholders.
As oil prices dropped from their high in July 2008 by
more than 70%, Allenergy took steps to ensure the
success of the Company. Allenergy first prepared for the
decline in oil prices by reducing expenses including
reducing the payroll and cutting costs wherever
possible.
Oil prices declined further to the point where it did
not make sense to sell oil. Allenergy has tanked the oil
from its production with the anticipation that prices
will rise again. The plan seems to be working, as in the
past few weeks oil has risen from its lowest price of
$19.52 per barrel for Eastern Kansas oil set on December
19, 2008.
Additionally the company focused its efforts in
servicing other companies' wells. These service
contracts have allowed Allenergy to remain viable and
not dependent on oil income.
Larry Sanford, CEO of Allenergy, states: "We have taken
the necessary steps to keep our cash flow in line with
our expenses. We believe that oil prices will rise again
at which time we will return to our efforts to generate
profit from the discovery and sale of oil. Our
shareholders should know: Allenergy remains viable."
Note: Certain statements in this news release may
contain "forward
looking" information within the meaning of rule 175
under the Securities Act of 1933 and Rule 3b-6 under the
Securities Act of 1934 and are subject to the safe
harbor created by those rules. All statements, other
than statements of fact, included in this release, may
include forward-looking statements that involve risks
and uncertainties. There can be no assurance that such
statements will be accurate and actual results and
future events could differ materially from those
anticipated in such statements.
E&E Communications Paul Knopick (949) 707-5365
pknopick@eandecommunications.com
SOURCE Allenergy, Inc.
www.prnewswire.com
Copyright (C) 2009 PR Newswire. All rights reserved
-0- |
