Allied Energy Corp
Updates on Palo Pinto Pre-Production Activities, and Expands Leases
at Byers Heirs Property
Carrollton, TX
-- April 15, 2021 -- InvestorsHub NewsWire
-- Allied Energy Corp.
(OTC
Pink: AGYP), an energy company focused on acquiring and
reworking oil and gas reserves in the most prolific hydrocarbon
areas of the United States, is pleased to provide updates on
existing activities.
UPDATES ON PALO PINTO ACTIVITIES ("The
Green Lease")
Allied Energy
Operating LLC, ("Allied")
submitted and posted their bond for the
P-4 and P-5 applications to the Texas Railroad Commission, Allied
is waiting on the Texas Railroad Commission to accept their bond
and active the P5 operating
permit.
Allied has secured Oil
Cat Energy Services for the filing of the necessary Underground
Injection Permit for saltwater injection for the Green lease.
Allied will use Oil Cat Energy Services as the go-to solution for surveying the plat
for the precise injection well location, securing the drilling
permit for the injection well, for engineering services and
consulting, and workover
engineering for new production Well set
ups for increased fluid
production rates. https://oilcatservices.com
Allied has
begun dozier work for road
construction, location clearing/cleaning, and reserve pit building
at the Palo Pinto Well #1 location.
Allied is reconnecting
electricity on the Palo Pinto
#1 and #2 Wells next week and will be turning on the
pump on the Palo Pinto #1
Well to test the fluid levels and flow
rates.
Allied Energy
Corporation CEO George Montieth added:
"We are extremely excited about our recent acquisition of the Palo
Pinto wells and have a high
confidence that these wells will become part of Allied Energy
Corporation's oil production numbers. These formerly producing
Wells are perfect candidates for modern reworking and recompleting
technology that will give these old wells new life. In many cases,
the most productive days are still ahead for some of these
wells!"
ALLIED ADDS NEW LEASES AT
BYERS HEIRS LOCATION
Allied Energy
Corporation is expanding their lease holdings at the Byers Heirs
location and believes the offset potential in and around this Well
is substantial.
Allied Energy
Corporation CEO George Montieth elaborated: "We believe in the potential of the
Byers Heirs location and want to have these additional leases and
several formerly active Wells in our portfolio. Once
Allied brings the first two
wells at Palo Pinto online we will turn our corporate focus to the
Byers Heirs location. We are hoping to begin work on
the
Byers Heirs Well towards the end of the second
quarter."
The Company invites
any and all interested parties
to check back regularly at https://alliedengycorp.com/ and the Corporate Twitter account https://twitter.com/AlliedEnergyCo1
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 & re-completing '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
Twitter:
https://twitter.com/AlliedEnergyCo1
