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Allenergy, Inc. Announces Half-Million Dollar Profit on
Sale of Lease in Oklahoma
INDEPENDENCE, Kan., June 26, 2008 /PRNewswire-FirstCall
via COMTEX/ -- Allenergy, Inc. (Pink Sheets: ALRY), an
independent oil and gas producer focused on Southeastern
Kansas, today announced a profit of $500,000 on the sale
of its Creek County, Oklahoma, lease.
"We are very pleased with the proceeds we have received
from this sale, particularly since it since it keeps us
focused on South Central Kansas and Allenergy's areas of
proven deeper oil reserves," said Larry Sanford, CEO and
President of Allenergy.
"Allenergy will now be fully funded for our new well
drilling campaign throughout the remainder of 2008 and
into 2009, and that is extremely important," Mr. Sanford
said. "The drilling campaign that we envision should be
one-third the cost compared to the Creek County well in
Oklahoma because ALRY already has its infrastructure in
place in Kansas."
The upcoming drilling schedule will begin with the newly
acquired Bane County lease #1 Well. Following the Bane
Well, will be the Ball #20 and, should the Bane #1 prove
successful, the Bane #2 will follow. Shortly afterwards
will be the new Moore and Clark wells. "Now that the
weather is starting to cooperate, we expect to report
excellent existing well reports as well as updated
dollar per/barrel increases," concluded Mr. Sanford.
About Allenergy: Allenergy, Inc. (Pink Sheets: ALRY) is
an independent energy company strategically focused on
Southeastern Kansas where it currently holds
approximately 4,740 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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