Allied Energy Corp. (OTCMKTS: AGYP) closed green last night after sending Tweets yesterday providing updates on its wells on the Annie Gilmer lease site yesterday. They reported that AGYP was preparing wells there for Pumpjack installation, with accompanying photos proving the overview. As a result, AGYP stock closed up 4.33% at $0.3495 in average trading volume. A separate report yesterday declared that AGYP stock is up 4,250% in the past 52 weeks, from a sub-penny in 2020 to where it is trading today.
As the cost of natural gas soars — and expected by analysts to continue rising through the Fall and Winter heating season — WTI and Brent Crude oil prices also are climbing: WTI settled last night at $72.59 and Brent Crude closed at $75.46, jumping 1.86%.
AGYP’s AUM value — from an engineering report on its Green Lease and Annie Gilmer site wells in Texas — remains roughly at $32 million in proven reserves at its most promising leased well sites as oil prices in WTI and Brent remain high.
As energy shortages and market instability combine to drive and keep gas and oil prices high, AGYP is Tweeting significant progress on its wells. Last week, AGYP Tweeted regarding its oil pumping on Wells 1 and 2 on its Green Lease site. Again, photo and video evidence documented the report.
Investors long AGYP have shown patience for pumping and development on the Green Lease and Annie Gilmer sites to come to fruition. It appears to be happening at just the right time — when domestic oil is desperately needed as global supplies of oil and gas are in short supply. Also, OPEC recently declined requests from the U.S. to produce more product.
The most promising well sites for AGYP are the Green Lease Site and Annie Gilmer Site.
As AGYP stock moves green and it is makes drilling progress in wells on these two sites, shorts are quickly covering positions. Last Friday, short selling accounted for 60.70% of total volume. On Monday, it was 48.17% of all volume, according to the OTC Short Report. It has all the look of a short squeeze.
Long investors in the AGYP stock recall when it reached its high of $0.83 within the past year. Its advanced production levels combined with the international energy shortage could mean AGYP may approach that level of trading in the future. As oil rises and stays high, AGYP’s assets-under-management (AUM) increase in valuation.
Barchart rates AGYP as a long term ‘hold’ based on 100-200 day moving averages. It has set a first resistance point at $0.3753 — very attainable to a stock which closed green last night. With all indicators moving in the right direction for growth, AGYP on holders see AGYP hitting and surpassing that resistance point.
The impact of AGYP’s two supplemental filings with the OTC from an oil/petroleum engineer is making itself felt in steadily rising prices for the stock — as oil and gas reserves at its leased well sites have been documented. Keep AGYP on your watch list as this stock continues to rally.
Link to more news are at https://alliedengycorp.com/ and https://twitter.com/AlliedEnergyCo1
