Allied Energy Corp. (OTCMKTS:AGYP) has hit oil and gas at five wells on American soil. Now it is exploring for more at its newly-acquired Prometheus site. Any oil is precious today. The catalyst for AGYP is that it is a U.S. oil-producing Company.
Experienced management is applying new technology to older, abandoned commercial wells. The result is that these wells are commercial once again. AGYP is sitting on oil and gas reserves of some $32 million at market prices. And it is looking for more.
AGYP is an independent and eco-green. A fossil fuel company is green when it makes proven wells new producers. New 2021 techniques include horizontal ‘legs’, down hole drilling and fracking.
New Tweets Show The Progress
AGYP sent a series of tweets showing its pumping operations in progress. It featured the Annie Gilmer and Green Lease sites. Combined, they have five wells now in operation. The five successful wells are at its Green Lease Site and Annie Gilmer Site.
Its newest acquisition is the Prometheus well site. AGYP sent tweets showing its first well at the Prometheus Site. In one tweet it showed the well. In a second tweet it reported progress. In a third tweet it sent a video of the Prometheus well’s additional progress.
George Montieth, CEO, said, “Allied is now on the cusp of becoming a producing oil company. I’m proud of the determination of the entire team.” AGYP will soon have ‘fairly accurate’ barrels per day production numbers and will announce them. Prometheus could be next for oil and gas production.
AGYP has been tweeting videos showing well sites preparing for oil production on the Green Lease site.
AGYP Believes In More Wells
The AGYP catalyst is that it has many more well sites to explore. These include:
- Cameron #1 Deu Pree Field in Wood County was abandoned when the price of oil dropped to less than $10. It had already pumped 30,000 bbls.
- Continental State Bank #14, East Texas Field, Gregg County is also promising. This is a shut in well fully capable of commercial production. This well is located in an advantageous geologic position.
- Julia Finley Lease East Texas Field has eight shut in wells of which six are primed for production.
- Dora Hastings #1- R & #2 has two wells equipped for production.
- F. M. Ezzell #2, well is ready to be reworked for commercial production
Byers Heirs #2 Field in Wood County that in1997 produced 74 bbl. daily of heavy oil.
• At Byers #1 Deu Press Field in Wood County, this well has produced 120,000 barrels of oil. It was abandoned in 1997, but technology has improved since then.
AGYP Reserves Are $32 Million
An oil engineer reported in OTC Filings on AGYP’s Proved, Possible and Probable reserves. For Green Lease Site he analyzed these reserves:
At the Annie Gilmer site, he reported:
Probable and Possible: $5,489,900
This is $32 million combined in oil and gas reserves.
The reports by the oil engineer was based on oil priced at $46 per barrel. Recent oil prices are much higher at about $84 for WTI Crude and $86.00 for Brent Crude. Plus global energy prices are still growing. Experts predict $100+ oil per barrel by year’s end.
AGYP’s Timing Is Right
AGYP’s success appears to be happening at just the right time. American oil is desperately needed as global supplies are in short supply. OPEC continues to decline requests from the U.S. to produce more product. AGYP finds oil and gas and is looking for more.
AGYP’s Senior Management
Senior management of AGYP have spent most of their careers in oil & gas.
- George Monteith, CEO, has provided geological services for 37 years. He has worked on mining and oil & gas projects in the U.S., Canada, South America, Asia and Africa.
- Gordon Johnson, COO, comes from several generation of oil & gas drillers. He was employed by two major independent oil companies. He has also served as president for several companies in the field.
- Mark Mcbryde is a long time oil Production Engineer. He has served as Senior Production Engineer and Staff Production Engineer at several prominent oil companies.
In its Q2 OTC filing, AGYP showed it spends all of its $224,563 free cash flow into re-investment into its oil and gas properties. This is a management team that believes in its future performance. It is now pumping oil and gas reserves and looking for more.
AGYP drilling success is creating a potential for a short squeeze. Short selling accounted for 60.70% of total volume, according to a recent OTC Short Report. It has all the look of a short squeeze.
This Allied Energy Inc. profile is part of a sponsored investor education program.