Carollton, Texas--(Newsfile Corp. - February 3, 2021) - 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
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/73548
