CARROLLTON, Texas, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Allied Energy Corporation (OTC: AGYP) announces that the Sloan Petroleum and Enerhash USA project is now fully operational, working at 1MW off the flare gas from the Frost location. This project, which features the placement of advanced Bitcoin mining containers by Enerhash on the Sloan property, promises to drive revenue growth for Allied over the coming months.
The company is excited to report that Allied has received its first revenue check from the Sloan Petroleum/Enerhash USA Frost operation, a testament to the project's success and our commitment to innovative energy solutions. The project is set to generate revenues for Allied over the next six months, positioning us for financial growth.
In addition, we are pleased to share that our Bitcoin project in collaboration with Enegix Global, River Energy Group LLC at the Thiel #1 well site is undergoing a transformation into a commercialized venture. The company anticipates providing its shareholders with further updates in Q4, showcasing the potential of this strategic partnership. As a key partner with Enegix Global, Allied will initially supply gas for the project and gain the opportunity to participate in Bitcoin mining operations, enhancing our revenue streams in this burgeoning market.
George Monteith, CEO of Allied Energy, expressed his enthusiasm: "The successful launch of the Sloan Petroleum and Enerhash USA operation is a significant event for Allied Energy. We are optimistic about the upcoming developments at the Thiel well with Enegix Global and River Energy Group LLC, these projects have provided Allied Energy and its team a valuable insight into the Data Mining industry, which will be of great value as we move deeper into this space. Our collective efforts will not only maximize the potential revenues from these projects but also strengthen our position in the energy and cryptocurrency sectors with our collective understanding of the inner workings of these types of projects."
As we continue to innovate and expand our operations, Allied Energy remains committed to delivering value to our shareholders and stakeholders. The company looks forward to leveraging these projects to secure our future growth and enhance our impact in the energy landscape.
The Company invites 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: 972-632-2393
Email: info@alliedengycorp.com
Twitter: https://twitter.com/AlliedEnergyCo1
