CARROLLTON, Texas, April 18, 2024 (GLOBE NEWSWIRE) -- Allied Energy Corporation (OTC: AGYP), an innovative oil and gas production company specializing in leasing and optimization of hydrocarbon reserves within the prolific United States energy landscape, is pleased to provide the following update regarding their Bitcoin mining project with joint venture partner, Enegix Global.
Allied Energy Corporation and Enegix Global have reached a significant milestone in their Bitcoin mining project, with construction commencing at their Brenham, Texas location on April 2nd, 2024. The completion of the pad and preparation for equipment installation marks a crucial step forward.
The upcoming beta test, scheduled to run for 60-90 days, will serve as a crucial phase in fine-tuning operations. By using natural gas to power generators, the team aims to optimize electrical power production for mining operations. This test phase will allow for the identification and resolution of potential challenges before scaling up operations.
Key areas of focus during the beta test include testing generator performance at various power settings, establishing maintenance schedules to minimize downtime, and adjusting carburetor settings for gas quality. Insights gained from this testing phase will inform future operations and optimize efficiency.
In conjunction with the arrival of the generator, additional tasks such as laying pipeline from the gas well, installation of a separator and meter run, and running a water line from the water well to the container will be completed.
George Monteith, CEO of Allied Energy, expresses confidence in the partnership with Enegix Global and anticipates significant value creation for shareholders in the near future. This project represents a strategic move towards harnessing the potential of Bitcoin mining within the energy sector.
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
Allied Energy Corporation Phone: 972-632-2393
Email: info@alliedengycorp.com
Twitter: https://twitter.com/AlliedEnergyCo1
