Allied Energy Corp (OTCMKTS:AGYP), an oil and gas exploration company focused on leasing and reworking oil and gas projects in the state of Texas, announced yesterday the company has achieved ongoing production at their Baylor County Texas project, the Green Lease.
The Company has successfully reworked M-1 and X-3 Wells. You can watch video of the wells in action on their Twitter page.
According to AGYP CEO George Montieth commented: “Allied is now on the cusp of becoming a producing oil company. I’m proud of the determination of the entire team. After pumping down the water we will have fairly accurate barrels per day numbers and look forward to releasing these statistics. Allied has the skilled manpower, correct leases, and friendly non-dilutive funding to achieve what we set out to do and look forward to continued growth.”
AGYP’s July 18th study on their Proved, Possible and Probable reserves found that the Green Lease reserves are as follows:
Proved: $2,026,500
Probable: $5,781,300
Possible: $12,755,300
TOTAL: $20,563,100
With oil prices rising these numbers, factored at $46 oil prices could be sharply higher.
AGYP fought several obstacles to reach this landmark announcement including rain delays and electrical issues. The company repaired and altered tank batteries, installed new tubing, rods, and pumps. Acidized the wells to increase fluid entry. Installed saltwater pumps.
Everything is now fully operational and as mentioned above, barrel per day numbers are on the horizon.
The company is close to production at their Annie Gilmer lease.
Due diligence links: https://alliedengycorp.com/ and the corporate Twitter account https://twitter.com/AlliedEnergyCo1.
