Allied Energy Corp (OTCMKTS:AGYP) Stock Rallies After MOU with Enerhash USA

Investors are expected to look into those stocks this morning which may have recorded significant gains on Wednesday and one of those stocks is that of Allied Energy Corp (OTCMKTS:AGYP). The stock was one of the notable movers yesterday as it ended up with gains of as much as 15% amidst significant interest.

Trading Data

On Wednesday, AGYP stock soared 16.24% to $0.0755 with more than 195K shares traded, compared to volume of 138K shares. The stock moved within a range of $0.0610 – 0.0890 after opening trading at $0.0686.  

Allied Energy Signs MOU with Enerhash USA to Begin Initial Flare Gas Bitcoin Mining Data Center Project

The company, which is involved in the leasing and reworking of gas and oil reserves, announced yesterday that it had inked a memorandum of understanding with River Energy Group LLC and Enerhash USA LLC. The MOU in question was signed with EnerhashUSA  by Allied Energy and River Energy, the two of which are collectively known as ‘Allied River’.

The three entities are going to be involved in analysis and feasibility studies for the development of solutions for deploying flare gas and stranded resources in the United States for Bitcoin mining. In addition to that, those sites are also going to be considered for the development of High Performance Data Centers.

The MOU that was signed yesterday was meant for the launch of a long term relationship between the three companies. It appears that investors were also excited about the latest development and it remains to be seen if the Allied stock climbs further today.

Key Quote

“As a former Schlumberger executive I’ve had the chance to witness the value small independent producers bring to the industry by pragmatically embracing innovation. Today we all see what the shale revolution has brought to us resulting in a dramatic shift in the U.S. oil and gas industry and sending shockwaves across the globe. It all started right here in Texas by combining two well-established technologies at scale; horizontal drilling and fracking. Together we are looking forward to becoming drivers of the Flare Revolution by leveraging hyper computing to address methane management scaling up across Texas and beyond.”

Technical Data  

AGYP stock is trading below the 20-Day and 50-Day Moving averages of $0.0796 and $0.0990 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.1612.