Allied Energy Corp. (OTCMKTS:AGYP) Files First Oil Reserves Report On Green Lease Site

Allied Energy Corp. (OTCMKTS:AGYP) has filed with OTC its first ‘Reserve Report’ which will detail proven, probable and possible oil reserves on all of its current leases, starting with an engineering report on its Green Lease site. All reports by site will be made available to the OTC markets via supplemental disclosure. AGYP will determine its assets under management (AUM) for itself and its shareholders/investment community. The report will be prepared by Mark McBryde, a petroleum engineer who has prior experience with prominent oil companies.

AGYP stock closed last night (Thursday, July 22, 2021) slightly off at $0.523 in light trading volume of 231,304 — about half its daily average. WTI crude oil closed up at $71.72, 2.02% higher, while Brent Crude reached $73.62, a 1.92% spike. 

In his first report, filed as an Executive Summary Report with the OTC, McBryde reported that he found net reserves of 229.4 thousand barrels of oil “probable” with pre-tax future net revenues of a present worth un-discounted of $5,781,300 and a value at @10% of $1,566,600. He also reported “possible” 448 thousand barrels of oil with a present value of $12,755,300 un-discounted and $3,852,200 @10%. Oil for purposes of this study, was priced at $46.26 — the 12 month trailing average price plus costs of extraction as of July 1, 2021.

McBryde wrote in the report on July 1, “Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible from a given date forward. The proved results were estimated using deterministic methods.” He added: “Reserves and schedules of production included in this report are only estimates. The amount of available data, reservoir and geological complexity, reservoir drive mechanism, and mechanical aspects can have a material effect on the accuracy of these reserve estimates.” 

 George Montieth, CEO of AGYP, said, “Mark is a respected oil man with a long history of success within the industry…and has worked for senior oil companies. The reserve report that Mark is preparing will provide the company with a financial valuation that can be used within the oil and gas industry.”

Reports on the oil well drill sites remain to be issued on the Annie Gilmer lease site and other locations. They will also be filed as supplemental disclosed, giving full transparency to shareholders and the rest of the investment community. 

A PDF presentation prepared for AGYP by an oil & gas expert consulting firm  said the Green Lease site said the site had originally been drilled back in the 1940s, but it has changed hands numerous times since and been under-utilized. AGYPs newest effort “will be the first to apply the most current drilling and production practices to the lease in 50 years.”

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