SANTA ANA, Calif., Feb. 7, 2005 (PRIMEZONE) -- Allenergy Incorporated (Pink Sheets:ALRY) today announced that it has put three more Creek County, Oklahoma wells into production.
The Miller B-2 and Briggs #1 wells (originally on a three-week re-completion schedule) were actually completed in two weeks, with initial production of seven BOPD (barrels of oil per day) and eight BOPD respectively. Since that time, the Fowler #19 on the Fowler-Miller lease, also located in Creek County, was brought on line with initial production of 31.46 BOPD.
Three additional Creek County wells have been evaluated -- identified as the Stokes #1, Vance #1 and Fowler #11 -- and are scheduled for completion during February 2005, regional weather permitting.
The Stokes #2 well, originally purchased and put into production in early 2003, has undergone remedial work resulting in a three-fold increase in production.
Over the last three months, Creek County well completions have increased BOPD production approximately 35% -- and improved operating efficiencies have reduced field operating costs by more than $7,500.00 a month (for a combined equivalent revenue of 200 barrels of oil per month).
A service unit pulling rig has just finished work on the Rupp #1-31 well -- the first of Allenergy's Investor-Participation wells in Logan County, Oklahoma - resulting in an initial 400% increase in both gas and oil production. The second Logan County Investor-Participation well, Rodger #1-33, is also scheduled to enter a final completion phase within the next 45 to 60 days, weather permitting.
The 430-acre Kelly lease in Okmulgee County, Oklahoma -- purchased in August 2004 -- with 10 wells that can be put into production, has recently undergone remedial work on the disposal well to qualify for MIT (Mechanical Integral Test) Certification by the State of Oklahoma OCC. The Kelly lease gas gathering system is also being re-engineered in preparation for scheduled re-completions. Additional drilling sites on this lease are both feasible and are currently under consideration.
About Allenergy
Allenergy was incorporated in Oklahoma in February 1989 as a closely held company for various long-term oil and gas leases for investment purposes only. In 1997, new management refocused on oil field service work and increasing oil and gas production on existing leases. In February 2001, Allenergy became a public company (ALRY) and turned full attention to oil production, drilling and exploration, and natural gas drilling and development. In late 2002, Allenergy also launched a developmental investor-participation Drilling and Exploration Program. Today, production of both oil and gas is steadily increasing, initial investor-participation wells are in final stages of completion and the company is actively engaged in growth through acquisition. The convergence of record price for both oil and natural gas and the company's current drive for increased rate of production are anticipated to create an era of unprecedented rapid growth and profitability.
Note: Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause the company's actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to; market conditions, competitive factors, the ability to successfully complete additional financings and other risks, such as adverse regional weather conditions.
For information write: Allenergy Inc.,1820 East Garry Avenue, Suite 111, Santa Ana, CA 92705, phone 949-955-1411. E-mail: info@allenergy-online.com or visit www.allenergy-online.com. Investor relations contact: Greg Leone 619-596-3374 - email gleone1@cox.net