Allied Energy Enters Into Joint Venture Agreement With River Energy Group
Allied Energy Corp (OTC Pink: AGYP) announced a strategic joint venture with River Energy Group, LLC, aimed at enhancing oil and gas resource development. The partnership focuses on securing stranded and flared natural gas for creating independent microgrids, which will deliver low-cost, clean energy. River Energy Group's leadership boasts over 90 years of experience in the energy sector. CEO George Montieth expressed optimism about the venture's potential to elevate Allied's corporate standing and future expansion plans.
- Joint venture with River Energy Group could enhance resource development.
- Focus on utilizing stranded and flared natural gas for microgrid energy solutions.
- Leadership of River Energy Group has extensive industry experience, potentially benefiting operations.
- None.
Carrollton, Texas, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC Pink: AGYP), a producing oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon area in the United States, is pleased to announce a strategic joint venture alliance with River Energy Group, LLC, a private company formed to trade and invest in the oil and gas sectors.
Collectively, the owners of River Energy Group, LLC have over 90 years of experience in the commodity, derivatives, and financial services industries. River Energy Group, LLC has entered into this joint venture agreement with Allied Energy Corporation for the purpose of locating, securing, and allocating stranded natural gas and flared natural gas resources for development into resilient and dependable stand-alone microgrids.
River Energy Group Director Carl J. Boraiko explained: "With the provision of efficient, low-cost and clean energy, we will help reduce grid “congestion” and peak loads while reducing fuel use, line losses and carbon footprints within the industry. We look forward to working together to bring low-cost electricity to those industries not supported by their local power grid."
Ownership of the River Energy Group is comprised by:
Director Carl J. Boraiko
Maher Nasri, Director
Joseph R. Wilkins (Investor)
Carl Boraiko brings over 45 years of experience and expertise in the Derivatives and Financial Services Industry with heavy emphasis on physical commodity trading and hedging in multiple sectors. In addition, Mr. Boraiko has been lead consultant and strategist in multiple global projects such as Oil, Gas, and Agriculture concerns in China, Middle East, and Northern Africa. Among other endeavors. He currently serves as Managing Director of Global Trading for Raven Trading Group, LLC, a wholly owned subsidiary of Raven Resource Group, LLC.
Maher Nasri has over 20 years of expertise in finance, accounting operations management, and fund management. He adds an in-depth insight into the core operations covered under the Finance Management Domain within the organization. Mr. Nasri was previously the Finance Manager for the Royal Group of Dubai, UAE, with full responsibility for the entire Finance Functions of the AL Shurfa Real Estate Investments, LLC portfolio of the Royal Group. He played a key role in providing funding, budgetary controls and effective decision making.
Mr. Nasri's credentials are as follows:
BSBA in Accounting
CMA (Certified Management Accountant)
CFM (Certified Finance Manager)
CFC (Certified Financial Consultant)
CFMS (Certified Financial modeling specialist)
Certificate in Financial Control.
Certificate in Business Valuation - CBV.
Certified Project Financier (Project Finance).
Implementation and Customizing HIS & ERP Financial Software. Data analysis with MS Excel BI.
Manages monthly closing as well as maintenance of all Accounting Processes.
Languages: English, Arabic, Russian
Allied CEO George Montieth commented on the news: "By entering into the joint venture agreement with River Energy Group, LLC, Allied has vastly increased its scope of what the Company can achieve within the energy sector. My vision for Allied has always been to up-list to a higher exchange once our corporate assets and potential were equal to the tier requirements. It is my firm belief that this new relationship is in the best interest of our valued stakeholders, and I look forward to revealing our plans for this partnership in the near future."
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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