Allied Energy Corp. (OTCMKTS: AGYP) completed its acquisition of the Prometheus Lease site in Texas and its stock jumped again last evening by 14.41% to $0.389 in heavy trading volume of 1,790,031 —4.7 times the daily average. The oil and gas exploration company is focused on the 325 acre location and specifically 28 Unit Well 1H. As recently as 2016, this well was commercialized and pumping 200 barrels of oil daily and 300,000 cubic feet of natural gas.
George Montieth, CEO of the Company, said, “Of utmost importance is bringing the Prometheus 1H Well back online. When this well was originally tested and submitted to the Texas Railroad Commission by Apache Corporation in 2014 their report showed 335 barrels per day along with 298,000 cubic feet of natural gas per day with 2,557 barrels of flow back and formation water.
“Allied will utilize 2021 technology and the experienced skill of our crew to try and match and perhaps even surpass these numbers of record,” Monteith said.
AGYP plans to bring the Prometheus 1H well back into production using proven operating practices and expects the well to produce for many years, the Company said.
The history of the Prometheus 1H well is promising for the future. The well was completed in a 24-stage fracturing program for potential production. It could be even greater than early pipe reserves indicate, AGYP said, because several other oil and production zones were encountered in the vertical section of the well indicated
This is a very transparent company, updating shareholders by Tweet on progress. They are on the cusp of being an oil producing company. 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 make old wells new again indicated commercial oil and gas potentials, analysis shows, the Company said.
The Prometheus 1H well is a catalyst for the future. AGYP management and field teams have new credibility after they began producing oil from its Green Lease Well sites Well 1 and Well 2.
AGYP has established its future for shareholders by tweeting videos showing that it is now pumping oil on its Green Lease Well sites Well 1 and Well 2. Its tweets documented government officials from the Texas Railroad Commission on site inspecting the successful integrity of the Disposal Well site. It 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.
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 filed to the OTC found AGYP’s Proved, Possible and Probable reserves found that 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 $77.04 for WTI Crude and $81.08 for Brent Crude. Global energy prices are still growing — and OPEC still has not increased its energy production despite requests from the White House.
AGYP’s good fortunes exploring for latent oil & gas reserves 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.
Keep AGYP on your watch list as this stock continues to rally.