Allied Energy Corp. (OTCMKTS: AGYP) expects a big week ahead for its stock as it hit oil and began production at its Green Lease Site last week and says it is near production in wells at its Annie Gilmer site, both in Texas. It’s the news long shareholders have been waiting for. Corporate tweets reported its progress at the well sites.
In fact, the stock is doing so well, shorts are scrambling to cover positions. On Thursday 9/16/2021 shorts represented 60.30 % of all volume —- and Friday, 9/17/2021, shorts accounted for 46.65%. Is a short squeeze already here.
Friday night AGYP closed at $0.3899, off $0.0086 in 388,300 near-average volume. Earlier last week AGYP stock reached 8.14% green to achieve $0.4000. Its Q2 financial report shows cuts in operational and net losses as expenses were cut dramatically. All free cash flow was reinvested back into the Company’s primary activity: leasing oil wells and applying new technology to make them commercially new again.
A new report by the company details its progress on the wells at the Green Lease Site at the Green Lease Site: Well M-1 and Well X-3. and Annie Gilmer.
George Montieth, CEO, said, “Allied is now on the cusp of becoming a producing oil company. I’m proud of the determination of the entire team.” AGYP will soon have ‘fairly accurate’ barrels per day production numbers and will announce them.
AGYP’s July 18th by a petroleum engineer 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
Meanwhile, everything is in alignment as global oil prices hold high. Friday night 9/17/2021 WTI Crude settled at $71.64 and Brent Crude closed at $75.02. Important is that OPEC has thus far resisted pressure from the Biden administration to produce more oil and both Europe and North America are awaiting natural gas shortages and price hikes before the fall heating season. The U.S. is already tapping its oil reserves as it watches energy prices rise.
In its Q2 OTC filing, AGYP moved all of its free cash flow for investing activities — or $224,563 — back into re-investment into its oil and gas properties. This is a management team that believes in its future performance. And it is beginning to pay off now that oil has started pumping on its Green Lease Site and appears imminent on its Annie Gilmer site.
The impact of AGYP’s two supplemental filings on oil reserves with the OTC is making itself felt in steadily rising prices for the stock — as oil and gas reserves at the well sites have been documented. Links to more news are at https://alliedengycorp.com/ and https://twitter.com/AlliedEnergyCo1
