Carrollton, Texas, May 03, 2022 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC Pink: AGYP), a producing oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon areas in the United States, is pleased to announce that the Company has successfully produced and sold eight loads of oil from the Company's Green Lease and Prometheus Lease during the month of April. The total number of barrels sold in April will be announced once all the run tickets are in from Allied’s field personnel.
Allied CEO George Montieth commented: "The eight loads sold reflect production from three wells on two leases. We are still in the monitoring phase of these producing wells and believe that production during the month of May from these three wells will continue to improve. We are currently focused on achieving production at additional wells during the month of May. The cash received from the sale of our oil production will allow us to expand the company in strategic new directions."
Allied has turned its attention toward achieving production at the Company's Gilmer Lease location. There are currently three re-completed wells at Gilmer immediately ready for production once electrical power has been established. Because of aspects beyond the Company's control, Allied is currently implementing an alternative form of power at the location. Due to the soaring costs of electrical power installation, Allied believes that the most efficient route to achieving production at the three re-completed wells at the Gilmer may initially be achieved through diesel generators and reconfiguring the one phase electrical power to three-phase with an inverter. The Company is optimistic this is the best course of action and will provide updates as progress is achieved at the Gilmer Lease.
Allied CEO George Montieth concluded: "Allied is an oil company and my mission as CEO is to ensure that our total production number and revenue continues to increase over time. Since our last release in February, much has been happening behind the scenes to increase shareholder value in the near term.”
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: 972-632-2393
Email: info@alliedengycorp.com
Twitter: https://twitter.com/AlliedEnergyCo1
