The energy sector has been in considerable focus among investors for quite a while now due to the geopolitical climate. If you are considering looking into such stocks this morning then you could do well to take a look at the oil and gas producing firm Allied Energy Corp (OTCMKTS:AGYP).
Trading Data
On Thursday, AGYP stock moved down 3.37% to $0.1331 with 8.89K shares, compared to a volume of 158K shares. The stock moved within a range of $0.1260 – 0.1378 after opening trade at $0.1378.
Allied Energy Expands Its Natural Gas Holdings by Acquiring the Thiel Lease
The company is involved in leasing and then reworking oil and gas reserves situated in some of the more prolific hydrocarbon zones in the United States. Yesterday, the company announced that it had been successful in further expanding its natural gas properties by completing the acquisition of Thiel Lease and Well.
It was a major new announcement from Allied Energy Corp and could bring the stock into focus among investors today. The Thiel Well had first been drilled by the company Union Pacific Resources back in 1996 and is situated near the town of Brenham in Texas.
It is important to note in this regard that the Thiel Well had managed to produce as much as 3,000,000,000 cubic feet of natural gas over the course of the first three years of operation. It may be a good idea for investors to perhaps consider adding the Allied Energy Corp stock to their watch lists at this point.
Key Quote
Allied CEO George Montieth commented on the acquisition: “One of the natural resources that we haven’t spoken much about, thus far, is our natural gas holdings. Based on current trends and the preponderance of news, we here at Allied believe that natural gas, along with crude oil, has an incredibly bright future and we want to inform our investing public that we intend to maximize this resource alongside our crude oil production. Allied is seeking additional capital to add more leases like the Thiel.”
Technical Data
AGYP stock is trading below the 50-Day and 200-Day Moving averages of $0.14 and $0.14 respectively. Moreover, the stock is trading above the 20-Day moving average of $0.23. The stock is down 58% over the past 6-month.
