NEW YORK, Jan. 3 /PRNewswire-FirstCall/ -- Allied Energy Corporation. (OTC:AGYP) has today announced the completion of a $250,000 equity private placement with Boston, Massachusetts based Lantern Rock LP ("investor"). The proceeds from this financing will be used for general and administrative purposes, specifically for the purpose of completing the definitive merger agreement with Zambia based Starfield Minerals Ltd. The private placement terms were as follows: Shares were purchased by investor at a price of 0.05 cents (Restricted) with 50% warrant coverage at 15 cents (3 year warrants). There have been no registration rights offered in conjunction with this financing. Allied Energy Corporation Chief Executive Officer Seth M. Shaw, commented "Management is pleased to have secured the first meaningful capital infusion for the Company, from a quality investor. The Company is working diligently to complete the definitive merger agreement with Starfield Minerals Ltd. and create lasting shareholder value. The Company has received expressions of interest from a number of institutional investors, once the definitive agreement is complete." About Allied Energy Corporation: Allied Energy Corporation is a publicly traded Company actively seeking a potential acquisition target within the natural resources sector. On October 31, 2007 the Company entered into a Memorandum of Understanding to acquire Starfield Minerals Ltd. or its assets. Starfield Minerals Ltd. owns a Zambia, Africa based tin and tantalite deposit (the "Starfield Mine") in the vicinity of Choma, Republic of Zambia. Forward Looking Statements (SAFE HARBOR): 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 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. For more information, please contact investor relations: Mr. Antonio Treminio Tel: +1-212-315-9705 Email: DATASOURCE: Allied Energy Corporation CONTACT: Antonio Treminio for Allied Energy Corporation, +1-212-315-9705,

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