Allied Energy Corp. (OTCMKTS:AGYP) stock was lightly traded yesterday and closed at $0.8170 and green again by 0.31%. It has closed green in 10 of the past 11 trading days. Watch the move in oil to assess the assets in this boutique oil and gas firm and discover how much of a jewel this is. According to Bloomberg Energy, WTI crude oil remains at 75.14 per barrel and Brent Crude hit $76.40 per barrel in after-hours trading. Volume in AGYP was light, only 246,426, a little more than half the average daily volume of 469,617 shares. All this works in AGYP’s favor. The longer OPEC, Saudi Arabia, UAE and Russia remain deadlocked and oil rises or remains high — heading towards a possible $100 per barrel price — the outlook for AGYP remains especially bullish.
AGYP keeps itself trending online as its tweets keep investors and shareholders current on its progress, particularly as its Well M1 at its Green Lease location in Texas. AGYP believes that well is ready to begin production and its Green Lease Well K-3 is progressing, as well. For details, see AGYP’s company tweets. AGYP has kept itself high in trending circles as its makes serious progress on its Green Lease wells.
Low trading volume is an indication of how shorts and longs are awaiting actual oil development and how strongly WTI and Brent Crude remains high. As the Well M1 site approaches production and the company is moving work over operations over to Green Lease Well K-3, work continues on AGYP’s other major lease site: Gilmer Lease.
George Montieth, CEO of AGYP, said last week that the Company and its team is well aware of surging oil prices globally and how valuable these wells in Texas have become.
AGYP is a prime example of being in the right place. As large countries and oil producers continue to squabble, AGYP progresses as a boutique oil and gas firm specializing in reworking and re-completing existing and abandoned oil and gas wells in Texas that have proven reserves. It could deliver American-sourced oil produced on American soil from leases that are efficient and inexpensive.
AGYP last Friday reached a new high of $0.83. Last night, its stock price hit $0.8170. It is holding a high stock price beyond all resistance levels. As oil per barrel prices continue to hold high and approaches $100 a barrel, AGYP is positioned well for the immediate future. The U.S. may rue the day it closed the Keystone Pipeline, but AGYP finds that higher oil prices from the Mideast means that any additional oil — especially American oil from American soil — is dear.
AGYP’s seasoned team identifies long-abandoned drilling wells and applies new technology to tap into proven reserves to make them new again. AGYP typically enters agreements for 100% working interest and 80% net revenue interest stakes in wells with the leasehold owners.
As AGYP is making gains at developing its Green and Gilmer lease sites in Texas, barrels of oil produced from these wells of proven assets could be a reality soon. Corporate tweets document AGYP’s progress at the Gilmer and Green projects: abandoned/marginal wells located within Texas. At Gilmer’s lifetime, the lease has produced more than five hundred thousand barrels of high gravity oil and more than five hundred million cubic feet of natural gas. The Green Lease project has world class hydrocarbon sourcing from shale and reservoirs. New drilling techniques can make proven reserves pay again.