|By Marketwired .||
|April 17, 2014 03:15 PM EDT||
BOWLING GREEN, KY -- (Marketwired) -- 04/17/14 -- Allied Energy, Inc. ("Company") (OTC Pink: AGGI) (PINKSHEETS: AGGI) announced today that it has completed its evaluation and analysis of five of the general partnerships for which it acts as managing general partner. Based upon the findings, and pursuant to the partnership agreements of the affected partnerships, Allied, as managing general partner, has dissolved and plans to terminate the following general partnerships due to non-profitability and continuing cash deficits from the operations of those non-economic partnerships.
Cherokee County Offset
Rock Hill Prospect
Rock Hill II
2011 Allied Grimes #3 PUD
Grimes County 4
Allied continues to serve as managing general partner for additional partnerships and joint ventures that are operating in areas of Texas and/or Oklahoma. Allied intends to evaluate and analyze each of these other partnerships and joint ventures to determine whether continuation or dissolution and termination is appropriate pursuant to the terms of their respective governing documents.
Forward-Looking and Continuing Statements:
Certain statements in this release and the attached corporate profile that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, including, but not limited to, geological and geophysical risks inherent to the oil and gas industry, and uncertainties and other factors that may cause the actual results, price of oil and natural gas, state of the economy, industry regulation, reliance upon expert recommendations and opinions, and performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (i) the Company's ability to obtain sufficient capital or strategic business arrangements to fund its drilling plans; (ii) the Company's ability to build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control, including but not limited to the strength of the overall economy; and (iv) other risk factors inherent to the oil and gas industry.
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