Carrollton, Texas, Sept. 01, 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 area in the United States, is pleased to provide a shareholder update regarding the Company's new Thiel Lease acquisition in Washington County, Texas.
Fesco Petroleum Engineers in Alice Texas (www.fescoinc.com) ran a series of tests on the Company's Thiel Lease between July 20 and July 21, 2022. During the duration of the Fesco test the well produced over 800MCF natural gas.
The test numbers from Fesco are inline with the data Allied received and analyzed while the Thiel Well was operated by Jenex Petroleum Corporation from 2009 to 2021. During this time the Thiel Well reported numbers of approximately 8,080,000 cubic feet of natural gas per day (or about 880MCF per day). The Company is moving forward with a plan to begin leveraging the natural gas production of the Thiel.
CEO George Montieth commented on the Fesco test of the Thiel Well: "Data is everything in the oil and gas business. Quality data helps us to evaluate how best to spend resources on key projects in an effort to grow the overall business while maximizing our corporate bottom line. We are thrilled that the Fesco test validates the due diligence we performed on the Thiel pre-acquisition and 800+MCF per day opens the door for some unique opportunities. My conviction is that there are vast untapped natural gas resources right here in Texas and all over the United States, it is my intention to begin leveraging the undiscovered value in many of these wells. We have a plan mapped out for the remainder of 2022 and 2023, and I look forward to sharing it with our shareholders as these developments continue to unfold."
Natural gas is commonplace in many oil wells and often becomes "flare gas." For those that have seen oil fields at night and have noticed what appear to be bright flames, that is the flare off gas (natural gas) being expelled into the atmosphere. Without being hooked into a natural gas pipeline, lighting the flare gas is simply the easiest way to handle this natural resource that accompanies oil production as it reduces well pressure to levels. However, this is an environmentally unfriendly way to handle flare gas and a waste of a resource that is exponentially growing in demand. Allied believes it has a unique and environmentally friendly solution to harvest and utilize the natural gas at many of these wells.
In other news, the Prometheus Well 1-H has undergone a series of repairs and updates to ensure maximal production and longevity. In particular, Allied updated piping to the saltwater disposal well to ensure its integrity. These improvements occurred between June 10, 2022 through July 28, 2022 and as of July 28, 2022 the 1-H Well was put back on line.
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
