Allied Energy (OTCMKTS: AGYP) signed a concluding contract with Energy Management Resources, LLC.
Allied Energy Corp announced that Petroleum Engineer Mark McBryde initiated an effort on a Reserve Report specifying demonstrated, probable and likely reserves on all Allied’s present charters. Mr. McBryde will first deliver a decision-making brief of each distinct tenancy itemized on the Engineering Report initiating with the “Green Lease.” Once all decision-making tenancy précises are issued, Allied will print these accounts with the OTC Markets via a supplementary revelation. The Reserve Report will give Allied a perfect perception of all the resources under its running. The account for Allied will shape the established, feasible, and conceivable oil reserves for the leases Allied holds.
The company will be able to develop up to ten additional wells
The agreement has picked up an 80% share in an initial two northern Texas oil wells recognized as the “Palo Pinto #1” and “Palo Pinto #2” wells.
Allied Energy (OTCMKTS: AGYP) land location will permit the company to mature up to ten added wells in the adjacent Baylor County Texas area identified locally as the “Green Lease.”
Allied CEO George Montieth expounded on the purchase: “With this Palo Pinto purchase and with Curtis recently entering our team as Oil Processes Manager, definite oil production for the company is now only a scarce small weeks away.”
He added, “The company’s objective before summer is to have numerous wells at two diverse tenancy sites manufacturing every day, with more new wells coming connected through 2021.”
Allied Energy Corporation initiates alter activities at their two Tenancy Locations
In other news, Allied Energy (OTCMKTS: AGYP) has begun to change actions at their two tenancy locations.
CEO George Montieth remarked: “I am satisfied to inform our stockholders that we have work teams arranged at both the Green Lease site and the Annie Gilmer Lease site. Everybody is restless to make up for the while we lost due to substantial torrents in North Texas.”
Work done at Green Lease
Dozier exculpated well site position and constructed base pads for the novel and much bigger impelling units. Roustabout team mended tank battery resources for the creation.
The team will yank tubes and rods from the well and then run back in the hovel with tubes, bit, and scraper pressure analysis tubing going in the hole. The team will also eliminate and replace bad tubes and finally go to the foot and circulate well.