Allied Energy Corp. (OTCMKTS:AGYP) Announces Updates On Its Oil Drilling At Annie Gilmer Site; Stock Rises 5.77%

Allied Energy Corp. (OTCMKTS:AGYP) yesterday announced updates on its drilling at its two wells on the Annie Gilmer site. It reaffirmed both Wells 1 and 5 are producing and pumping oil. 

After the news, AGYP’s stock closed at $0.3390, rising 5.77% last evening. Volume was heavy at 1,405,130, 2.6 times higher than average.

The announcement also included more details:

  • Well 1 underwent a fluid check. Curtis Boyles of the AGYP team reported the oil cut was “the best we have seen to date and getting stronger as we continue to produce the well.”
  • Gilmore Well 4 underwent a H-5 pressure casing pressure test supervised by the Texas Railroad Commission. The well was pressurized up to 500 PSI and shut in for 30 minutes. The Well passed the test.
  • At Well 5, fluid level was at surface and making ‘decent’ gas. Well 5 is now shut as AGYP determines how much fluid is needed to move to get the Well producing at an ‘optimum potential.’
  • Well 2 was temporarily shut in due to pump issues. After the crew yesterday morning recirculated the Well to clean trash from the wellbore. After completion, the Well 2 was scheduled to be turned back on.”    

George Montieth, CEO of AGYP, said, “The delays occurring on our Wells are part of the growing pains of an oil producing company. I am pleased with the solutions and steps our team has developed to address these growing pains and we will strive to have all our Wells perform at optimum levels.”

Allied Energy Corp. (OTCMKTS: AGYP) is exploring for oil and gas at  three locations in Texas. They are the Green Lease, Annie Gilmer and Prometheus sites. AGYP has already hit oil at five wells at the first two locations. And now it is exploring for more oil and gas at Prometheus

AGYP is well positioned as an independent driller that uses new technology to make older and abandoned wells newly commercial again. It is a Green company able to pump new energy from older sites.

AGYP’s Green Lease and Annie Gilmer leased sites are pumping oil and gas from five wells. The Prometheus site, particularly the 28 Unit Well 1, is  promising.

Just as with yesterday’s update announcement, AGYP has won shareholder confidence with its series of news about its Wells. The Company tweets its shareholders and the financial community at large with its progress. AGYP documents its growth.

Documentation of  AGYP’s findings were reported to the Texas RR Commission.

AGYP management is aware that it is well positioned in the global oil market. As international oil prices remain high, AGYP is in the enviable position of finding oil and gas on American soil. 

Both major indices closed slightly lower last evening but remained high. WTI Crude last night settled at $81.18 and Brent Crude closed at $82.57, according to Bank of America sees oil skyrocketing by 43% to $220 per barrel by next summer.

This is winter heating season in the upper U.S. so oil demand is peaking. Winter demand looms for oil. Global oil is high and is predicted to remain high into 2022. That makes AGYP’s assets under management (AUM) even more valuable. That is the catalyst for AGYP. 

Democrats continue pressing President Biden to tap the nation’s Strategic Reserve of oil to reduce gas prices at the pump. So far, he hasn’t. This week they presented him with a letter with signatures from multiple officials to no avail.

Concurrently, OPEC+ refuses Biden’s demands to produce more oil for an energy-short U.S. 

AGYP is applying new techniques such as fracking, down hole drilling and horizontal ‘legs’ to older wells. The result: older or abandoned wells are made commercial again.

Reuters reports a large number of oil and gas independents and even majors are cranking up the wells again. The reason: sharply higher oil prices that remain high.

 Reuters reports that U.S. energy independent oil drillers are bringing out the rigs again. Six more were added last week to raise the new total number to 550. That’s the highest number since April 2020.

Total rig count was up 250 rigs — or 83% more than this time last year. Baker Hughes Co. says in its report that that U.S. oil rigs rose to 450 last week, while gas rigs remained unchanged at 100.

Firms such as BP, Chevron, Exxon Mobil Corp. and Occidental Petroleum are planning to increase spending for the remainder of 2021 and into 2022. They are planning to pump more energy.

An oil and gas engineer early last summer determined that AGYP had some $32 million in oil and gas reserves at current prices. He used now out-dated $46 per barrel market pricing in effect at the time. He also has not analyzed potential oil and gas reserves at Prometheus.

Keep AGYP on your Watch List as oil and gas energy stocks are booming in value and peak winter demand is coming. 

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