Allied Energy Corp. (OTCMKTS: AGYP) is an oil and gas exploration company with leases and wells in Texas. Senior oil & gas management is taking proven but plugged or abandoned wells and are re-working them.
AGYP is very transparent company which updates shareholders by Tweet on progress. This is a eco-green company making established wells commercial again. It uses new technology, such as horizontal ‘legs’, down hole drilling and fracking, to turn old wells productive again.
AGYP recently sent out a series of tweets showing that it is now pumping oil on its Green Lease Well sites Well 1 and Well 2. Its tweets also documented government officials from the Texas Railroad Commission on site inspecting the successful integrity of the Disposal Well site. In addition AGYP also posted video tweets of the Annie Gilmer site well preparing for oil production.That tweet showed the Pumpjack installation on Gilmer’s first well. Reports verified oil found on the Green Lease site.
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. The most promising well sites for AGYP are the Green Lease Site and Annie Gilmer Site.
The AGYP Advantage
- AGYP believes that are thousands of more proven but non-producing wells to acquire at minimal cost. There are rights to leases available to be acquired:
- Byers Heirs #2 Field in Wood County that in1997 produced 74 bbl. daily of heavy oil.
• At Byers #1 Deu Press Field in Wood County, this well has produced 120,000 barrels of oil. It was abandoned in 1997, but technology has improved since then.
- Cameron #1 Deu Pree Field in Wood County was abandoned when the price of oil dropped to less than $10. It had already pumped 30,000 bbls.
- Continental State Bank #14, East Texas Field, Gregg County is also promising. This is a shut in well fully capable of commercial production. This well is located in an advantageous geologic position.
- Julia Finney Lease East Texas Field has eight shut in wells of which six are primed for production.
- Dora Hastings #1- R & #2 has two wells equipped for production.
- F. M. Ezzell #2, well is ready to be reworked for commercial production
AGYP’s website https://alliedengycorp.com/ has more well site listings. They are all promising to AGYP. They are ready with new technology applied to become oil pumping again.
Separate reports by an oil engineer on wells at the Green Lease and Annie Gilmer sites documents a financial future with strong upside potential. In reports made public https://www.otcmarkets.com/otcapi/company/financial-report/292317/content as OTC Filings, the engineer found AGYP’s Proved, Possible and Probable reserves for the Green Lease reserves are as follows:
At the Annie Gilmore site, the engineer found:
Probable and Possible: $5,489,900
In addition to the $32 million combined are the oil and gas reserves in the other leases AGYP owns. Engineering reports on the Green Lease and Annie Gilmer site wells in Texas remains roughly at $32 million.
The study by the oil engineer was based on oil at some $46 per barrel. Recent oil prices are much higher at $75.88 for WTI Crude and $79.28 for Brent Crude. And global energy prices are still growing.
AGYP’s Senior Management
Senior management of AGYP is made up executives who have spent most of their careers in oil & gas.
- George Monteith, CEO, has provided geological services for 37 years. He has worked on mining and oil & gas projects in the U.S., Canada, South America, Africa and Asia.
- Mark Mcbryde is a long time oil Production Engineer. He has served as Senior Production Engineer and Staff Production Engineer at several prominent oil companies.
AGYP Management’s Commitment To Success
Investors long AGYP have shown patience for pumping and development on the Green Lease and Annie Gilmer sites. 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. OPEC continues to decline requests from the U.S. to produce more product.
AGYP management is senior and international in gas & oil experience. It is also passionate about finding more oil and enriching its shareholders. In its Q2 OTC filing, AGYP showed it spends all of its $224,563 free cash flow into re-investment into its oil and gas properties. The team does not take compensation but notes and warrants. This is a management team that believes in its future performance.
According to the OTC short report, short selling accounted for 67% of total volume on October 1 2021. As AGYP continues to succeed in the oil patch, and oil and gas prices continue higher, AGYP has all the look of a short squeeze.
Keep AGYP on your watch list.