Allied Energy Corporation Achieves Oil Production At Green Lease Site
Carrollton, Texas, Sept. 16, 2021 (GLOBE NEWSWIRE) — Allied Energy Corp (OTC Pink: AGYP), an energy company focused on leasing and reworking oil and gas projects in the state of Texas, is pleased to announce that the Company has successfully achieved ongoing oil production at their Company’s Green Lease site.
The Company has successfully reworked Well M-1 and Well X-3 located at the Green Lease Site in Baylor County Texas. The two Wells are fully online and due to the design of the project, it may take some time of pumping to obtain desired production results. Very common on high water production projects.
In order to bring these initial two Wells at the Green Lease back to production the Allied team had to overcome rain delays and county electrical issues. The Company would like to publicly thank Tri-County Electric officials for their help in restoring all necessary electric to the Green Lease site.
Much work was completed to bring the Wells to production. Tank batteries were repaired and alterations were made to accept high volumes of fluids from the Well reworks. New Tubing, rods, and pumps installed. Wells were acidized to increase fluid entry to wellbore. A 160 long stroke pumping unit was installed and wells readied for production. Saltwater disposal pumps were installed and everything is fully operational.
The Allied crew on the ground has been making up for lost time due to unprecedented weather and subsequent electrical issues and is currently focusing resources at the Company’s Gilmer Lease site.
CEO George Montieth commented: “Allied is now on the cusp of becoming a producing oil company. I’m proud of the determination of the entire team. After pumping down the water we will have fairly accurate barrels per day numbers and look forward to releasing these statistics. Allied has the skilled manpower, correct leases, and friendly non-dilutive funding to achieve what we set out to do and look forward to continued growth.”
The Company remains committed to providing updates and 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
