Allied Energy Corp. (OTCMKTS:AGYP) issued triple tweets on its progress at Well 2 on the Annie Gilmer Lease in Texas. This Well passed a ‘leak’ test of its pipe and is back online. AGYP has already hit oil at five Wells on its Green Lease and Annie Gilmer Lease sites.
- In the first Tweet, Well 2’s pipe is tested by AGYP
- In the second Tweet, Well 2’s pipe is further tested for leaks
- In the third Tweet, Well 2 is back online after the successful leak test
Prior, AGYP tweeted about its successful Wells at Annie Gilmer and specifically its Well 2.
Independent energy driller AGYP continues to pump oil and gas from existing wells. It is exploring for more oil and gas at its Well H-1 at the Prometheus site.
AGYP’s successful ongoing oil production and its successful leak test of its Well 2 at Annie Gilmer is critical in light of global oil developments yesterday.
OPEC decided to maintain production at current levels of 400,000 barrels daily. Despite the omicron variant, major oil suppliers in the Middle East plan to continue pumping at current levels. The result: oil is in scarce supply in the U.S. It also remains at stubbornly high prices.
Oil futures markets were whipsawed by the decision. Making matters more complicated is the apparent impact on international air travel, which may cut into demand.
AGYP is producing domestic (Texas) oil at more and more wells. It specializes in using new techniques to make once-commercial wells productive again. Oil at home is especially valuable to the U.S. because it does need to make long and sometimes dangerous trips to US ports from the Middle East.
The US government’s tapping its Strategic Petroleum Reserve for 500 million gallons is only a short-term fix. WTI Crude and Brent Crude continue to close green near $70 per barrel levels as traders try to guess where the global energy market is headed next.
The catalyst for AGYP is that it is a U.S. oil-producing Company.
Keep AGYP on your energy watch list as it produces more domestic oil & gas energy. Energy supplies are scarce.
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