Allied Energy Corp. (OTCMKTS:AGYP) Hits Oil & Gas At Five Texas Wells And Is Exploring For More

Allied Energy Corp. (OTCMKTS:AGYP) successfully uses new technology on old wells. It has hit oil and gas at five wells on American soil at a time when energy is scarce and costly. The catalyst for AGYP is that it is a U.S. oil-producing Company. And now it is exploring for more.

The U.S. is short of energy right now. OPEC refuses to pump more oil. AGYP is an independent which has found oil and gas on two Texas sites. It is looking to hit more oil and gas at a third site on American soul.

AGYP’s success is timed right. American oil is in short supply. So AGYP’s performance hitting much needed oil and gas is vital. A recent report noted that many energy stocks are rising as global oil increases in cost. Energy is 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 is an independent and eco-green. It is able to use new technology to make abandoned or old wells new again. The newest techniques include fracking, down hole drilling and horizontal ‘legs’.

Key to AGYP’s success is the experience of management and the Company’s transparency. The executive team has a strong history in the oil & gas field:

  • 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 generations 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.

Here is where AGYP has already hit five oil and gas wells combined: Green Lease Site and Annie Gilmer Site.  

An oil engineer analyzed these sites early last summer and found a combined $32 million in reserves. He was computing at a price of $46 per barrel. The price of oil is almost twice that price. 

Both WTI Crude and Brent Crude are listing prices of barrels of oil at some $84.

Here is what he found last summer:

An oil engineer reported in OTC Filings on AGYP’s Proved, Possible and Probable reserves. For the Green Lease Site he analyzed these reserves: 

Proved: $2,026,500

Probable: $5,781,300

Possible: $12,755,300

TOTAL:  $20,563,100

At the Annie Gilmer site, he reported:

Proved: $6,704,900

Probable and Possible: $5,489,900

TOTAL: $12,194,800

This is $32 million combined in oil and gas reserves. 

In addition, AGYP is now exploring for more oil on its recently-acquired Prometheus site. It is focusing on the 28 Unit Well 1-H at 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.

This is a promising location. As late as 2016 this Prometheus well produced  200 barrels of oil daily. It also generated 300,000 cubic feet of natural gas. 

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.

The AGYP catalyst is that it has identified 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. 

Keep AGYP on your watch list as energy stocks grow.

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This Allied Energy Corp profile is part of a sponsored investor education program.