Allied Energy Corporation Outlines Current Activities at the Prometheus Lease
Allied Energy Corp (AGYP) has made significant progress in reactivating the Prometheus Well 1H, a key asset acquired on a 325-acre lease in Texas. Initial testing by Apache Corp in 2014 showed production levels of 335 barrels per day and 298,000 cubic feet of natural gas. The company has outlined a three-phase plan for bringing the well back online, with substantial equipment and contractor support already in place. CEO George Montieth highlighted the importance of this lease for the company's future growth.
- Prometheus Well 1H exhibits strong production potential based on past test results, indicating 335 barrels of oil per day.
- Comprehensive three-phase plan in place for reactivation, showcasing organized execution.
- Support from experienced contractors like Borets International enhancing operational capabilities.
- Dependency on external electric utility for transformer upgrades could delay production timelines.
Carrollton, Texas, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC Pink: AGYP), an energy company focused on leasing and reworking oil and gas reserves in the most prolific hydrocarbon areas of the United States, is pleased to provide progress updates regarding the Company's newly acquired 325-acre Prometheus Lease location.
Beginning last week at the Prometheus site, Allied began executing the plan to bring the Prometheus Well 1H back online. When Prometheus Well 1H was originally tested and submitted to the Texas railroad commission by Apache Corporation in 2014 their report showed 335 barrels of production per day along with 298,000 cubic feet of natural gas per day with 2557 barrels of flow back and formation water. (For more details about the Prometheus lease please see https://finance.yahoo.com/news/allied-energy-acquires-prometheus-lease-130000471.html)
Allied's Oil Operations Manager, Curtis Boyles, designed a three-phase plan to bring the Prometheus H1 back online. Phase one, pipe racks and forklift arrived on location and unloaded 7000 feet of tubing that ran into the Well. The Company secured a third-party contractor to rig up and set a blow-out preventor on the wellhead. Another contractor, Borets International, have delivered a heavy downhole pump, downhole sand separator, steel insulated cable, variable frequency drive, transformer, cable and spooler. Borets International have attached the 5-stage pump, motor and started in the hole with all necessary assembly. Cable have been strapped to the tubing as the pump and tubing were lowered to the target depth of 6500 feet.
Phase two at the Prometheus, the crews will finish running the pump into Well 1H while setting the variable frequency drive, transformer and connecting everything to the electrical service. Personnel will program the motor and pump and run critical system tests through a slow ramp up of pump horsepower when ready.
Phase three at the Prometheus, the electricians will change electrical services to 200 AMP to run the high-capacity pump and when completed, start to ramp up the horsepower of the pump until all desired parameters are met and full production settings are established.
Allied has completed all of the work that we have outlined above and awaiting on the electric utility to change out the transformers to the Well and the SWD Well, in order to handle the additional load as the existing transformers are undersized for what we need.
CEO George Montieth, commented on the Prometheus lease: "Allied's Prometheus lease acquisition is the Company's most significant holding to date and I believe the coming weeks will demonstrate this reality. This week the majority of the Company's resources are squarely aimed at bringing Prometheus Well 1H back to production."
The Company invites any and all interested parties to check back regularly at https://alliedengycorp.com/ and the corporate Twitter account https://twitter.com/AlliedEnergyCo1.
About AGYP: Allied Energy Corp. is an energy development and production company acquiring oil & gas reserves in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing 'existing' oil & gas wells located in the thousands of mature oil & gas producing fields across the United States. The Company applies its knowledge, experience, and effective well-remediation technologies to achieve higher production volumes, longer well life, and more efficient recovery of the proven and available oil and gas reserves in the fields/projects in which it has acquired an ownership interest. The Company will utilize updated technologies such as hydraulic fracturing ("fracking"), drilling of lateral ("horizontal") legs in productive zones, and utilizing new cased hole electric logging to locate bypassed pays, all to enhance daily rates and oil & gas recoveries. By acquiring interests in a growing number of selected projects in various regions, Allied Energy Corp. is diversifying its exposure and effectively minimizing risk as it pursues corporate growth, top line & bottom-line revenues to the benefit of all stakeholders. There are proven, recoverable reserves contained in the many aging oil & gas fields that have been bypassed by companies moving away from these fields in search of deeper, more plentiful, but more costly reserves. The Company plans to concentrate on bypassed oil and gas as there is less competition and as mentioned above, the costs are considerably less. Additionally, the company will acquire interests in marginal wells that can be acquired at minimal cost, of which there are 420,000 wells in the U.S. Quoting Barry Russell, President of the Independent Petroleum Association of America ("IPAA") - "With approximately 20 percent of American oil production and 10 percent of American natural gas production coming from marginal wells, they are America's true strategic petroleum reserve.”
Safe Harbor Statement: This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Contact: Allied Energy Corporation
Phone: 972-632-2393
Email: info@alliedengycorp.com
Twitter: https://twitter.com/AlliedEnergyCo1
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