Oil and gas producing company Allied Energy Corp (OTCMKTS:AGYP) did not have a particularly great time in the markets on Thursday, as it suffered from a selloff and went down by as much as 14% as a consequence. The company is mainly involved in reworking the gas and oil reserves in one of the more prolific zones in the United States.
Trading Data
On Thursday, AGYP stock lost 13.87% to $0.1180 with 173.39K shares, compared to its average volume 111.83K shares. The stock moved within a range of $0.1025 – 0.1370 after opening trade at $0.1297.
Allied Energy Provides Natural Gas Data From Third Party on New Thiel Lease Acquisition
Yesterday, Allied Energy came into the news cycle after it provided an update with regard to its new Thiel Lease acquisition. The property is located in Washington County in Texas. The company announced that a series of tests had been run by Fesco Petroleum Engineers in Alice Texas at the lease from July 20 to July 21, 2022.
Yesterday the company announced that during the course of those tests, the property produced as much as 800 MCF worth of natural gas. In this regard, it ought to be noted that the numbers derived from the test were actually in line with the numbers that had been received by Allied Energy from the time when the Thiel Lease property was being operated by Jenex Petroleum Corporation. Jenex operated the property from 2009 through to 2021.
Key Quote
CEO George Montieth commented on the Fesco test of the Thiel Well: “Data is everything in the oil and gas business. Quality data helps us to evaluate how best to spend resources on key projects in an effort to grow the overall business while maximizing our corporate bottom line. We are thrilled that the Fesco test validates the due diligence we performed on the Thiel pre-acquisition and 800+MCF per day opens the door for some unique opportunities. My conviction is that there are vast untapped natural gas resources right here in Texas and all over the United States, it is my intention to begin leveraging the undiscovered value in many of these wells. We have a plan mapped out for the remainder of 2022 and 2023, and I look forward to sharing it with our shareholders as these developments continue to unfold.”
Technical Data
AGYP stock is trading below the 20-Day and 50-Day Moving averages of $0.13 and $0.14 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.22.
