Allied Energy Corp. (OTCMKTS: AGYP) tweets again on the Prometheus Site. It said yesterday it has ordered an Electrical Submersible high capacity pump for its well there — which is due to be be delivered in approximately 10 days.
Last week, AGYP triple tweeted regarding progress at Prometheus. One tweet showed the well site, the second tweet showed Prometheus progress and the newest video tweet showed more progress on October 22.
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. AGYP is making an old well new again. Now it tweets more progress.
AGYP closed slightly higher yesterday at $0.3185, up by 2.44% in light volume of 245,464.
U.S. State Department continued to pressure oil and gas producers to increase output. Amos Hochstein, senior advisor for energy security, yesterday said, “We found ourselves in an energy crisis. Producers should ensure that global oil markets and gas markets are balanced.”
Global prices and shortages of oil and natural gas remain mixed. Last evening, WTI Crude was green trading at $83.10 per barrel while Brent Crude was red at $84.53.
The recent series of triple tweets reaffirmed AGYP’s experience in making older, once-commercial wells new again. AGYP delivers oil & gas on America soil from abandoned or closed wells. A knowledgeable team of energy experts and its teams of workers have recently turned five wells on Texas leases new again.
Oil recently hit a seven year high globally. Now it remains stalled in the low to mid $80s. OPEC has already told the Biden Administration it will not pump more oil. The U.S. may ask again for more Saudi Arabia oil, but now a different revenue has opened.
Wednesday, Iran and the European Union agreed to restart nuclear accord talks. If that happens, the door may open for Iran crude to begin flowing. Currently, U.S. sanctions prevent that. Iran crude could erase the shortfall in supply.
Earlier, AGYP hit oil and natural gas on three wells on its Annie Gilmer Lease site, the Company announced. The Annie Gilmer site is just one leased site that has been a ‘hit’ for AGYP. The second are the two wells pumping oil and natural gas now at the AGYP Green Lease Site. In total, AGP has discovered oil and gas at five American well sites — and is looking for more at the 1H Well at Prometheus.
An oil engineer last summer pegged AGYP’s oil and gas reserves at the Annie Gilmer and Green Lease sites last July at a $46/barrel price. Market prices now (quoted here) are approaching double that. That would make today’s combined valuation some $32 million.
AGYP’s catalyst is that it is now an oil producer. New technology, such as horizontal ‘legs’, down hole drilling and fracking, can make proven old wells new again.
AGYP is an independent oil & gas company stock to keep on your Watch List this week because it hit oil at five wells to date. Prometheus could be next. Energy remains in the news.