NEW YORK, Aug. 28 /PRNewswire-FirstCall/ -- Allied Energy Corporation, Inc. (Pink Sheets: AGYP) is pleased to announce today its receipt of assay results featuring promising uranium ("U") values. Assays on surface samples taken from Allied Energy's North Queensland, Australia property were conducted by ALS-Chemex, the world's premier laboratory group for provision of analytical services to the mining and exploration industries. Values of interest obtained ranged 500 parts per million ("ppm") to 2,950 ppm (0.2% U). Further assays are in process and will be announced on receipt. Uranium markets have improved in 2006 as compared to 2005 and continued improvement is generally forecast. Uranium does not trade on an open market, as buyers and sellers contract privately; however, prices are published by independent market consultants Ux Consulting and TradeTech. Latest published price of U3O8 per pound (lb): $48 per UxC and $47.50 per TradeTech. This compares favorably to average published pricing of $46.75 on June 30, 2006, $30 on June 30, 2005 and $27.25 on March 31, 2005. Utilities continue to seek long-tern contracts with suppliers and long- term contracting is expected to be more than 200 million pounds in 2006, well above historic levels. Studies show that by 2050, world energy consumption will double and demand for energy will triple. Realistically, nuclear energy is the one non-CO2 emitting energy technology capable of major expansion to meet these needs. About Allied Energy Corporation: Allied Energy Corporation is a mineral exploration company that seeks to maintain a balanced portfolio of properties, where risk has been substantially measured by meticulous technical evaluation and geophysics. Allied Energy is the embodiment of a diversified consortium of energy resources and seeks interest in oil, gas, coal, uranium and renewable energy sources. This press release may include certain statements that are not descriptions of historical facts, but are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may include the description of our plans and objectives for future operations, assumptions underlying such plans and objectives, statements regarding benefits of the proposed acquisition and other forward-looking terminology such as "may," "expects," "believes," "anticipates," "intends," "projects" or similar terms, variations of such terms or the negative of such terms. There are a number of risks and uncertainties that could cause actual results to differ materially from the forward-looking statements made herein. Such information is based upon various assumptions made by, and expectations of, our management that were reasonable when made but may prove to be incorrect. All of such assumptions are inherently subject to significant economic and competitive uncertainties and contingencies beyond our control and upon assumptions with respect to the future business decisions which are subject to change. Accordingly, there can be no assurance that actual results will meet expectations and actual results may vary (perhaps materially) from certain of the results anticipated herein. DATASOURCE: Allied Energy Corporation, Inc. CONTACT: Antonio Treminio for Allied Energy Corporation, Inc., +1-212-315-9705

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