Allied Energy Corporation
Provides Update to Shareholders
Carollton, TX -- February 3, 2021 -- InvestorsHub
NewsWire -- Allied
Energy Corp. (OTC
PINK:
AGYP), an energy company focused on acquiring and reworking
provable oil and gas reserves in the most prolific hydrocarbon
areas of the United States, is pleased to provide shareholders with
a corporate update concerning recent developments while outlining
general vision for the Company in 2021.
Allied Energy
Corporation is excited to announce a new corporate website and
online presence at https://alliedengycorp.com
Allied
Energy CEO George Montieth remarked: "Similar to how Allied Energy retools
and reworks proven gas and oil reserves, we are retooling and
reworking our corporate brand in Q1 of 2021. We think the outlook
for the energy sector in 2021 is vast and many of the proven resources on American soil are
still untapped. With gas and oil prices rising continually under
the new administration, Allied is positioned to take advantage of
this surge by providing resources from American soil to American
businesses and consumers. We think energy resources that are used
in the USA should originally and actually come from the
USA."
Allied
Energy Corporation is also excited to announce to shareholders
three new, active projects that have not been announced to
stakeholders until today:
PROJECT #1:
Byers Heirs #2 Deu Pree Field, Wood County
A well
originally completed in the Woodbine formation from perforations of
5736' – 80' making
74 bbls per day of 16 deg gravity "heavy" oil
and accumulating 78,000 bbls of
oil. When abandoned in
1997 the well was capable of
making 60
bbls of oil per day but at the time there was no
market for heavy oil and the price per bbl was
discounted considerably due to the low gravity. Today there
is a large demand for this type of crude oil and
it can receive a significant bonus over the posted price of West
Texas Intermediate.
PROJECT #2: Byers #1, Deu Pree Field, Wood County
A well
that is an offset to the #2 well and was completed in the Woodbine
formation. It had an initial rate of 122 bbls of oil per day and accumulated 120,000
barrels of oil.
PROJECT #3: Cameron #1, Deu Pree Field, Wood County
A well
that was drilled south of the two Byers wells. The well was
completed in the SubClarksville formation as it was not drilled to a depth
sufficient to evaluate the
Woodbine formation. The
initial rate was 91 bbls of
oil per day and accumulated 30,000 bbls of oil.
The
Company is using cutting-edge technology in order to rework and "recomplete" these proven wells in order to
bring them back online to a production capacity at least equal to
and in some cases significantly more than what these wells had
formerly been producing.
Allied
Energy is also excited to make investors aware of multiple
potential development projects in 2021. The Company
has a considerable number of
additional projects that can and will be acquired that offer
similar opportunities for commercial production at minimal costs.
These projects are primarily located in South and East
Texas but the Company will not limit itself to
just these two areas. The Company
will continue to originate potential projects internally, but
management also has a very
large network of contacts in
the oil industry and will reach out to these contacts for reference
to other projects. For the foreseeable future the Company expects
to concentrate on projects within the State of
Texas.
CEO
Monteith concluded: "Allied is nimble in the ability to move in and
acquire existing wells and mines that have a solid history but may
have been too small for the biggest companies on the street. Based on my 30
plus years of resource industry experience and the rest of our team
that has a proven track record of success within the oil and gas
business, Allied
knows how to acquire leases with
tremendous potential for pennies on the dollar and turn them back on again
that adds real and immediate value for AGYP shareholders. My goal
in 2021 is to get people excited about the American energy sector
once again by proving how experience, integrity, and good
old-fashioned American grit
can seize an overlooked opportunity in order to maximize net
profits."
The
Company invites any and
all interested parties to
check back regularly at our website for consistent project
updates: https://alliedengycorp.com/. Throughout the month of February, all media
channels including Facebook and Twitter will come
online.
About AGYP:
Allied Energy Corp. is an energy
development and production company acquiring oil & gas reserves
in some of the most prolific hydrocarbon bearing regions of the
United States. The Company
specializes in the business of reworking & recompleting
'existing' oil
& gas wells located in the thousands of mature oil &
gas producing fields across the United States. The
Company applies its knowledge, experience, and effective
well-remediation technologies to
achieve higher production volumes, longer well life, and more
efficient recovery of the proven and available oil and gas reserves
in the fields/projects in which it has acquired an ownership
interest. The Company will utilize updated technologies such as hydraulic
fracturing ("fracking"),
drilling of lateral ("horizontal") legs
in productive zones, and utilizing new cased hole electric logging
to locate bypassed pays, all to enhance daily rates and oil &
gas recoveries. By acquiring
interests in a growing number of selected projects in various
regions, Allied Energy Corp. is diversifying its exposure and
effectively minimizing risk as it pursues corporate growth, top
line & bottom
line revenues to the benefit
of all stakeholders. There
are proven, recoverable reserves contained in the many aging oil
& gas fields that have been bypassed by companies moving away
from these fields in search of deeper, more plentiful, but more
costly reserves. The Company plans to concentrate on
bypassed oil and gas as there is
less competition and as mentioned above, the costs are considerably
less. Additionally, the company will acquire interests in marginal
wells that can be acquired at minimal cost, of which there are
420,000 wells in the U.S. Quoting Barry Russell, President of the
Independent Petroleum Association of America ("IPAA") –
"With approximately 20
percent of American oil production and 10 percent of American
natural gas production coming from marginal wells, they are
America's true strategic petroleum
reserve."
Safe
Harbor Statement This Press Release may contain certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The Company has tried,
whenever possible, to identify these forward-looking statements using
words such as "anticipates," "believes," "estimates," "expects,"
"plans," "intends," "potential" and similar expressions. These
statements reflect the Company's current beliefs and are based upon
information currently
available to it. Accordingly, such forward-looking statements
involve known and unknown risks, uncertainties and other factors
which could cause the Company's actual results, performance or achievements to differ materially from those
expressed in or implied by
such statements. The Company undertakes no obligation to update or
advise in the event of any change, addition or alteration to the
information catered in this Press Release including such
forward-looking statements
.
Contact: Allied
Energy Corporation
Phone:
858-876-0633
Email: info@alliedengycorp.com
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