Allied Energy Corp. (OTCMKTS:AGYP) Tweeted it is getting ready for operations at Well 1-H at its 325 acre Prometheus site.
AGYP in the new Tweet says, “Prometheus Well 1-H being prepared this past weekend for operations. The Well is now online and the water is being pumped off to pull in the oil cut.”
Photos document the activity at the Prometheus site.
AGYP specializes in reworking older or abandoned wells with new technologies to make them commercial again.
In the case of Prometheus, a prior report to the Texas railroad commission by Apache Corporation documented production of 335 barrels a daily plus 298,000 cubic feet of natural gas daily.
AGYP’s success at the Prometheus Well takes place against a steadying of global oil markets. As existing vaccines appear effective against the omicron variant, the global oil market is optimistic.
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.
Scott Sheffield, CEO of Natural Gas Resources, says that U.S. oil drillers may need a half-decade to resume pre-pandemic production levels. But oil prices remain high now in a positive development for AGYP. The U.S. and other energy-buying nations play cat-and-mouse on oil demand with producers like OPEC+.
Especially good news for domestic and independent drillers like AGYP is that Congress (House) is still looking for new ways to keep domestic production down. A new Bill seeks to stop fracking. It makes AGYP oil even more valuable.
U.S. crude inventories fell by 3.1 million barrels last week, according to the American Petroleum Institute (API). Some oil traders still believe that the Biden Administration could tap Strategic Petroleum Reserves (SPR) again.
AGYYP benefits from all this volatility. The catalyst for AGYP are its energy assets under management (AUM).
George Montieth, AGYP CEO, said, “Allied’s Prometheus lease acquisition is the Company’s most significant holding to date and I believe the coming weeks will demonstrate this reality.”
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.
Keep AGYP on your Watch List as oil and gas energy stocks are booming in value and peak winter demand is coming. Link to more news are at https://alliedengycorp.com/ and https://twitter.com/AlliedEnergyC