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Allenergy, Inc. Oil Production Up 683%
In First Quarter
INDEPENDENCE, Kan., June 4, 2008 /PRNewswire-FirstCall
via COMTEX/ -- Allenergy, Inc. (Pink Sheets: ALRY), an
independent oil and gas producer focused on Southeastern
Kansas, has increased its oil production 683% in the
first quarter of 2008 compared to the same period in
2007, announced CEO Larry Sanford.
"Allenergy produced 5,688 barrels of oil during January,
February and March of 2008," said Mr. Sanford. "This is
nearly seven times the 833 barrels we produced in the
first three months of 2007," Allenergy's CEO said.
"It is also very important to note that our average
sales price per barrel more than doubled," he continued.
"Allenergy averaged $84.31 per barrel in Q108 compared
to $47.09 in Q107."
First quarter 2007 revenues were impacted by
record-breaking cold weather and harsh snows, followed
by the "100 year flood" that hit many parts of rural
Montgomery and Chautauqua Counties in Kansas, where
Allenergy holds leases on over 2,000 acres containing
more than 50 producing wells.
"The Company's most recent oil sales in 2008 have been
$99.70 per barrel," said Mr. Sanford. "Current prices
for Eastern Kansas Crude Oil are now $116.50 per barrel,
so we expect to break the $100 per barrel mark shortly,"
he added.
Contributing to Allenergy's production progress in 2008
have been moderate weather conditions in the Company's
production sites, and operational decisions to maximize
these factors. "We've proceeded with high-ground
drilling in areas subject to heavy rains," Mr. Sanford
said. "We had some high winds recently, but they were
unrelated to last weekend's tornadoes in other parts of
Kansas and Oklahoma."
"Barring any unusual weather conditions like those from
2007 during the balance of 2008, we should continue to
improve on our production figures quarter by quarter,"
Allenergy's CEO concluded.
About Allenergy: Allenergy, Inc. (Pink Sheets: ALRY -
News) is an independent energy company strategically
focused on Southeastern Kansas where it 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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Copyright (C) 2008 PR Newswire. All rights reserved
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