DES MOINES, IA--(Marketwire -03/19/12)- AllEnergy Corporation (OTCQB: AFSE.OB - News) (OTC.BB: AFSE.OB - News) (www.allenergyco.com), a growth-oriented international energy company, announced today an update on its Belize Concession which is estimated to hold up to 6 million barrels of recoverable oil. The wireline logging truck that will be used to log SAN JUAN #2 and all future wells in Belize has been procured and is expected to arrive in Belize in the next 30 days. Once there it will begin logging operations and results should be announced soon thereafter. AllEnergy owns a non-dilutive four percent interest in a Belize corporation that owns half of the concession.
Dean Sukowatey, President and CEO of AllEnergy Corporation, stated, "We are extremely pleased with our development of this concession. We look forward to performing the wireline logging on our first well, and developing several future wells on the Belize concession."
About AllEnergy Corporation
AllEnergy, an international energy company, is engaged in the acquisition, development and production of oil and natural gas. AllEnergy acquires and develops oil and gas leases which have "proven but undeveloped reserves" at the time of acquisition. These properties are not strategic to large exploration-oriented oil and gas companies. This strategy allows AllEnergy to develop and produce oil and natural gas with tremendously decreased risk, cost and time involved in traditional exploration.
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.
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