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Allenergy, Inc. Completes Sale of
Oklahoma Leases for Significant Profit
INDEPENDENCE, Kan., March 6, 2008 /PRNewswire-FirstCall
via COMTEX/ -- Allenergy, Inc. (Pink Sheets: ALRY), with
a 17-year history in the oil and gas industry and
current involvement in the multi-billion dollar natural
gas fields in Kansas and Oklahoma, today announced that
it has completed the sale of it 2,300-acre Creek County,
Oklahoma leases for a significant profit.
"This will add to the cash flow for the 3rd and 4th
quarter drilling campaign and assist our efforts to
become fully reporting and trading on the Over the
Counter Bulletin Board within one year," said Larry
Sanford, President. "Our escalating revenues from recent
successes with our drilling program, coupled with our
new wells being completed, will allow us to accelerate
our 2008 goals."
"While the Creek County holdings are excellent
properties, they yielded lower net profit results than
our expectations. We are confident that our funds are
better spent in Southeastern Kansas because of the
success rate and the difference in drilling and lifting
costs," Mr. Sanford said.
Allenergy has carefully plotted its drilling campaign of
new wells for the remainder of 2008, subject to change
depending on the possibility of discovering a new field
in this rich geological area of our leaseholds in
Southeastern Kansas.
The Company recently acquired the 80-acre Hanks lease in
Chautauqua County, Kansas. Although small in size, this
acquisition, which was purchased despite significant
interest by others, is a North-South 80-acres adjacent
to the Dark Treasures Clark lease and, importantly, atop
the Longton Anticline. This lease, as geological data
suggests, should be an extension of Allenergy's
discoveries on our Project 4 Ball lease.
The most prolific well on the Ball lease, G4-19, was put
on line this week. As previously reported, this well,
according to the open hole log, far exceeds the oil
production capabilities of any new well drilled on the
Anticline. After the frac water is recovered and barring
any other possible oilfield problems, Allenergy should
be able to announce the barrelage of oil per day by
early next week.
About Allenergy: Allenergy, Inc. (OTC: ALRY) is
strategically focused on areas of Kansas and Oklahoma
believed to contain more than 1.5 trillion cubic feet of
natural gas and helium at shallow depths. The Company
currently holds approximately 4,620-acres of leased land
with more than 150 oil and gas wells on its producing
properties.
For more information about the Company, please visit
http://www.allenergyinc.com
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.
Contacts: Larry Sanford
Lsanford2@aol.com
Allenergy, Inc.: 620/331-9992
E&E Communications Paul Knopick, (949) 707-5365
pknopick@eandecommunications.com
SOURCE Allenergy, Inc.
URL: http://www.allenergyinc.com
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