Allied Energy Corp. (OTCMKTS: AGYP) sees a bright future as numerous additional oil and gas wells are available on leased sites. It has already hit five wells in Texas on two sites and is exploring a sixth well on another. This independent energy producer counts as many as 12 well sites available in the future.
AGYP’s catalyst is that it uses the newest technology to make old or abandoned wells commercial and productive again. New 2021 applied to abandoned or closed well are techniques such as horizontal ‘legs’, down hole drilling and fracking.
AGYP’s stock tells the story. It closed green last week and is green YTD. Friday, it closed at $$0.227, so shares are still inexpensive.
Investors saw it hit oil and gas on five wells already on its leased Green site and Annie Gilmer sites. And it is exploring for more at its Well 1-H on the Prometheus site.
Earlier, it reported it hit oil on three of its wells on the Annie Gilmer site. It also hit oil at two more on its Green Lease site. And now it is exploring for more at its Prometheus site.
Now in addition to those three lease sites it is eyeing several more sites including:
- 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. Each well is being held back for the Austin Chalk issue.
- Thrash ‘A’ #1 & #2 East Texas Field has each well equipped for production. A completion in that zone is not recommended at this time.
- Dora Hastings #1- R & #2 has two wells equipped for production.
- F. M. Ezzell #2, well is ready to be reworked for commercial production. The well is fully equipped for production
• Byers Heirs #2 Field in Wood County that in1997 produced 74 bbl. daily of heavy oil. This could be the next news worthy lease for AGYP.
- At Byers #1 Deu Pree Field in Wood County, this well has produced 120,000 barrels of oil. It was abandoned in 1997, but technology has improved since then.
- Moody & West Lease has seven-eight drilling sites for future development.
AGYP’s experienced management team and knowledgeable field teams recognize oil and gas sites. They have already hit energy success at five well sites and are searching for more.
AGYP is sitting on valuable reserves already.
An oil engineer reported in OTC Filings on AGYP’s Proved, Possible and Probable reserves. For Green Lease Site he analyzed these reserves:
At the Annie Gilmer site, he reported:
This is $32 million combined in oil and gas reserves at early summer 2021 prices. Oil is significantly higher priced today. And the engineer never evaluated the reserves at the Prometheus site.
The additional well sites and Prometheus will provide more reserves for AGYP. That is the catalyst in its growth strategy.
AGYP is a promising stock and still priced low. But it is growing. Year-to-date it has jumped to $0.2997 from $0.0560. AGYP stock is cheap and growing quick with its energy future in front of it. That’s significant growth since January 2021.
President Biden is aware of energy shortages. He recently tapped the nation’s Strategic Petroleum Reserve (SPR) for 50 million gallons of oil. wants to reduce high prices at the gas pump. At best, the strategy is a band aid.
Global oil is volatile but remains high. WTI Crude settled at $70.21 per barrel and Brent Crude closed at $74.59. Both settled green.
Any oil is precious today. The catalyst for AGYP is that it is a U.S. oil-producing Company. It makes old wells new and commercial again.
Keep AGYP on your energy watch list as it is seen producing more oil & gas energy in the future. In this volatile market, oil and gas prices are high and supply is scarce.
This sponsored article is part of an investor education program.