VANCOUVER, British Columbia, Sept. 21 /PRNewswire-FirstCall/ -- Allied Energy Corporation (Pink Sheets: AGYP) is pleased to report the following corporate update: -- The Company is presently actively engaged in financial statements preparation and the audit thereof, as applicable, for the purposes of meeting Over-the-Counter Bulletin Board ("OTC-BB") listing requirements; such statements being audited statements for the fiscal year ended December 31, 2006 and unaudited statements to be prepared for the interim period ending September 30, 2007. The Company has chosen to change its fiscal year end from September 30th to December 31st. -- The Company has engaged Moore & Associates, Chtd. as auditors. Moore & Associates, Chtd., is registered with the Public Company Accounting Oversight Board ("PCAOB"). There were no reportable disagreements with the Company's previous auditor, Richard E. Sellers, CPA, and the Company has engaged Mr. Sellers to provide accounting services. Mr. Sellers is not registered with the PCAOB and thus could not remain as auditor pursuant to the Company's intent to focus on becoming an SEC registrant. - The Company has entered into negotiations with Australian Gold Holdings Limited ("AGHL"), an unlisted Australian company, subsidiaries of AGHL and other, independent, parties towards both acquiring additional mineral properties in Australia prospective for uranium ("U"), gold ("Au") and other minerals and increasing AGYP's holdings of Powder River Basin, Wyoming oil & gas properties. - On July 19, 2007 the Company entered into a Farm-in and Joint Venture Agreement with Uranium Capital Limited, a subsidiary of AGHL, as regards AGYP's Australian U interests, but it is currently anticipated this agreement will be terminated concurrent with finalizing arrangements for the acquisition of additional Australian mineral properties. - AGYP is also considering the acquisition of other North American as well as African mineral properties (U, Au, Fe) and has commenced preliminary due diligence procedures thereon. - The Company has engaged Lusierna Asset Management, Ltd. to provide public and institutional investor relations services and government relations services, including assistance in preparing information kits, preparation of presentations for analysts, registered representatives and portfolio managers, as well as introductions to US government officials, plus the provision of other services as the Company shall deem necessary or appropriate to enhance the business of the Company. About Allied Energy Corporation: Allied Energy Corporation is an exploration company that seeks to maintain a balanced portfolio of energy and mineral resource assets. Allied Energy targets proven & probable reserves with high net revenue interest potential, where risk has been substantially measured by meticulous technical evaluation and geophysics. Allied Energy seeks interests in oil, gas, coal, uranium, iron ore and renewable energy sources. Forward Looking Statements: 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 a 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 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 materially from certain of the results anticipated herein. Contact: Antonio Treminio, Investor Relations, tel: 212-315-9705, e-mail: DATASOURCE: Allied Energy Corporation CONTACT: Antonio Treminio, Investor Relations, +1-212-315-9705,

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