Allied Energy Corporation is drilling diligently on American soil in hopes of alleviating a portion of the United States’ foreign oil dependence.
Late last year, Allied was strategically bringing several of their quintessential oil fields revamp projects online, pointing toward 2022 being a prosperous year for this independent energy company.
The Annie Gilmore project comprises five wells leased by AGYP encompassing 300 acres in Crystal Falls, Texas. News on AGYP’s website shows Wells #1 and #5 flowing with a confirmation tweet December last year that well #2 is back online as well. That’s three operational and two more to go hopefully early this year for Allied. With the new extraction technology, the hope is to allow the 500,000 barrels of high gravity oil to re-emerge in 2022. This makes a strong case to keep eyes on AGYP stock as its’ price per share sits relatively low and is poised to well-up.
In affiliation with Ardent Oil and Gas Consultants, Allied Energy’s Green Lease is strategically located in Baylor County, Texas on 890 acres of underutilized drilling operations paradise. Thanks again to advancements in technology and techniques, the type of mixed lithology and fracture prone reserve situated within the Green Lease domain are said to be the most prolific plays in North America. A savvy investor may not be keen on these geologic and geographic characteristics, yet trends in synonymous areas show tremendous prowess. With the prospect to give rise to sizeable product flow, Allied Energy’s Green Lease strongly indicates green potential for investor portfolios in the months and years to come.
In some of its latest news, AGYP rounded off its current trifecta with an acquisition as 100% stakeholders of the Prometheus lease late last year. Although the lease is comprised of various wells, their focus has been on the revival of the 28 unit well 1-H. With diligence, professionalism, and expertise, Allied met their goal late last year springing them forward into the likelihood of profitable pumping this year. Although it is too early for specific data to be tabulated in association with the Prometheus lease, Allied has noteworthy growth potential as their current methods for well restoration have proven to be fruitful.
Proof of this notion was solidified by petroleum engineer Mark McBride who was hired by the Company to do an evaluation. His assessment eludes that the Green Lease reserves are floating at a worth in the $20,500,000 ballpark. McBride concluded in his estimates that the Annie Gilmore site reserves are evaluated at slightly over $12,000,000. Both impressive figures for an up and coming company.
In association with Allied’s assets, the Company’s proliferation is interconnected to increasing oil prices and expansive spending from major energy corporations such as ExxonMobil Corp, Chevron, BP, and Occidental Petroleum.
The culmination of all this potential for Allied Energy Group arises with their intentions to permeate their U.S. wells by further revamping endeavors far beyond their South and East Texas domains.
With the energy sector gearing up for a year full of drive, keep an eye on AGYP as they are primed to rise to substantial production levels.