Carrollton, Texas, Oct. 14, 2021 (GLOBE NEWSWIRE) — Allied Energy Corp (OTC Pink: AGYP), an oil and gas company focused on leasing and reworking oil and gas projects in Texas, is pleased to announce that the Company is successfully producing oil at three of the wells located on the Gilmer Lease.
Throughout the month of September, Allied ground crews were focusing their efforts at the Gilmer Lease site and on wells number 1, 2, and 5, specifically. Since October 11, 2021, Allied is pleased to report that these three wells have been pumping and producing both oil and natural gas. Representatives of Allied Energy has identified a regional natural gas purchasing company and are presently working on securing a Gas Purchase Agreement.
The Annie Gilmer lease is a 300 acre site in the small community of Crystal Falls, Texas on the banks of the Clear Fork of the Brazos river, approximately thirty miles north of the town of Breckenridge, Texas. There were six wells drilled on the lease starting in the mid 70’s with the last being drilled in 1989.
CEO George Montieth commented: “I am pleased with the progress at the Gilmer Lease location. Three wells have been reworked and re-completed and are now back in production. Allied has reached an important milestone in that we have achieved initial oil production at two of our lease locations. We have two wells producing at the Green Lease and three wells producing at the Gilmer Lease.”
Allied project manager, Curtis Boyles, will be on the ground at the Prometheus Lease focusing attention on well H-1 (please see last press release). Allied is committed to consistent updates that convey our corporate progress at this exciting new lease location.
About AGYP: Allied Energy Corp. is an energy development and production company acquiring oil & gas reserves in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing ‘existing’ oil & gas wells located in the thousands of mature oil & gas producing fields across the United States. The Company applies its knowledge, experience, and effective well-remediation technologies to achieve higher production volumes, longer well life, and more efficient recovery of the proven and available oil and gas reserves in the fields/projects in which it has acquired an ownership interest. The Company will utilize updated technologies such as hydraulic fracturing (“fracking”), drilling of lateral (“horizontal”) legs in productive zones, and utilizing new cased hole electric logging to locate bypassed pays, all to enhance daily rates and oil & gas recoveries. By acquiring interests in a growing number of selected projects in various regions, Allied Energy Corp. is diversifying its exposure and effectively minimizing risk as it pursues corporate growth, top line & bottom-line revenues to the benefit of all stakeholders. There are proven, recoverable reserves contained in the many aging oil & gas fields that have been bypassed by companies moving away from these fields in search of deeper, more plentiful, but more costly reserves. The Company plans to concentrate on bypassed oil and gas as there is less competition and as mentioned above, the costs are considerably less. Additionally, the company will acquire interests in marginal wells that can be acquired at minimal cost, of which there are 420,000 wells in the U.S. Quoting Barry Russell, President of the Independent Petroleum Association of America (“IPAA”) – “With approximately 20 percent of American oil production and 10 percent of American natural gas production coming from marginal wells, they are America’s true strategic petroleum reserve.”
Safe Harbor Statement: This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as “anticipates,” “believes,” “estimates,” “expects,” “plans,” “intends,” “potential” and similar expressions. These statements reflect the Company’s current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company’s actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.