Allied Energy Corp. (OTCMKTS:AGYP) Drills Successfully In Texas As BP Predicts Higher Oil, Occidental Says Biden Should Focus On U.S. Oil.

Allied Energy Corp. (OTCMKTS:AGYP) is a U.S. independent oil producer sitting pretty. BP predicts higher and longer oil prices. Occidental tells President Biden to stop asking OPEC+ for more oil and focus on U.S. production increases instead.

At the Abu Dhabi ADIPEC Conference, Saudi Arabia and UAE again ignored the call for more oil production from the U.S. and other nations.

As international cross-talk prevailed, oil remained high. WTI Crude settled at $80.92 and Bent Crude closed at $82.10, as prices remained high in a mixed performance.

AGYP stock closed last evening at $0.3090, off 3.13%. Trading was in light volume of 227,819 compared to the daily average of 411,690.

BP CEO Bernard Looney predicted oil prices will go higher and longer. “There’s a constructive market at the moment and I think you can expect oil prices to remain robust for some time to come.” 

Vicki Hollub, CEO of Occidental Petroleum Corp., was more direct. 

President Joe Biden should focus on raising U.S. oil production rather than putting pressure on OPEC+ to pump faster, she said. “If I was going to make a call, I’d make a local call first. I wouldn’t make a long distance call.”

 Bank of America sees oil skyrocketing by 43% to $220 per barrel by next summer.

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.

Speculation continued that Biden would tap the nation’s energy oil reserves to provide temporary relief to high gas prices at the pump. That’s only a band-aid fix, experts say.

In another strategy, Biden is reviewing axing the biofuel mandate.  But that would undermine a long running U.S. policy to cut greenhouse emissions. It may relieve pressure short term at the pump, but green energy advocates would not be happy.

“The removal or modification of the Renewable Volume Obligations (RVO) mandate would be the single most immediate and effective way to lower fuel prices at the pump,” says John Auers, executive vp at consultant Turner, Mason & Co. 

But the best way would be to encourage or support independent oil drilling at home. One successful driller is Allied Energy Corp. (OTCMKTS: AGYP). 

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’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.

Late last week AGYP 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. 

 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. 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.

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.

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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