Allied Energy Corp. (OTCMKTS: AGYP) Announces It Hits Oil And Natural Gas On Three Wells At Annie Gilmer Lease Site

Allied Energy Corp. (OTCMKTS: AGYP) has hit oil and natural gas on three wells on its Annie Gilmer Lease site, the Company announced. That is in addition to the two wells pumping oil and natural gas now at AGYP’s Green Lease Site. Global prices and shortages of oil and natural gas are spiraling out of control. AGYP is now producing oil and gas from five wells on U.S. soil.

The oil and natural gas AGYP is producing is growing more valuable by the day. Last night, WTI oil prices closed at $81.70 and Brent Crude settled at $84.00. Oil experts and even Russian President Vladimir Putin say they’ll reach levels of $+100 per barrel or even higher in coming months. Oil prices are now at a 14-year high.

AGYP stock closed at $0.3300 yesterday, up 4.18% in volume of 343,925.

Hitting oil and natural gas at the Annie Gilmer lease site continues the successful momentum of AGYP. The company is focusing its attention on wells 1, 2 and 5. All three have been producing oil and natural gas since October 11, the Company said.

Representatives of AGYP have identified a regional natural gas purchasing company and are presently working on securing a Gas Purchase agreement, the Company announced.  

George Montieth, CEO, said, “I am pleased with the progress at the Gilmer Lease location. Three wells have been reworked and re-completed and are now back in production. Allied has reached an important milestone in that we have achieved initial oil production at two of our lease locations. We have two wells producing at the Green Lease site and and three wells producing at the Gilmer Lease.”

AGYP recently announced it had completed acquisition of the Prometheus Lease site in Texas. Montieth added that Curtis Boyles, Allied project manager, will be on the ground at the Prometheus Lease focusing attention on well H-1.

An oil engineer last summer pegged AGYP’s oil and gas reserves at $32 million at the Annie Gilmer and Green Lease sites last July at a $46/barrel price. Market prices now (quoted above) are approaching double that. 

The price and availability of oil/gas is spiraling out of control. Oil experts — and even Russian President Vladimir Putin —see $100 barrel oil ahead. OPEC and Saudi Arabia have turned down President Biden’s request to pump more oil into the U.S. economy.

Analysts say oil prices will grow to $+90/bbl and higher. Goldman Sachs predicts $90/bbl oil by year’s end. Some analysts believe high oil prices could be “here to stay.”

AGYP’s catalyst is that it is now an oil producer. This is a eco-green company making established but abandoned wells commercial again. Its experienced management uses new technology, such as horizontal ‘legs’, down hole drilling and fracking, to re-energize proven well sites. These were once commercial well sites.

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. 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.

The 28 Unit Well 1H at the Prometheus well site was a commercial producer.  It was pumping 200 barrels of oil daily as late as 2016. It also produced 300,000 cubic feet of natural gas.

Keep AGYP on your Watchlist. Energy stocks are growing fast. 

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