Allied Energy Stock Price, News & Analysis

Allied Energy Corp (AGYP) has provided a shareholder update following its acquisition of the Thiel Lease in Washington County, Texas. Fesco Petroleum Engineers conducted tests revealing a production rate of over 800 MCF of natural gas per day, aligning with historical data from Jenex Petroleum, which showed around 880 MCF daily. The company plans to capitalize on this natural gas output. Efforts to enhance the Prometheus Well 1-H included repairs to improve production reliability. Allied focuses on leveraging existing oil and gas reserves in the U.S. to maximize its growth potential.

Allied Energy Corp (OTC Pink: AGYP) has announced the acquisition of the Thiel Lease and Well, expanding its natural gas holdings in Texas. The Thiel Well, drilled in 1996, previously reported a flow rate of 44 million cubic feet of natural gas per day. Currently shut in due to a leak, Allied's assessment indicates significant potential value from this asset. CEO George Montieth expressed confidence in the future of natural gas and the company's intention to increase its portfolio. Rising global demand for natural gas, exacerbated by geopolitical tensions, presents a favorable market backdrop for Allied's expansion efforts.

Allied Energy Corp (OTC Pink: AGYP) announces the retirement of 2,480,000 unrestricted common shares, marking a 4% reduction in its authorized shares. This change will be reflected on the OTCMarkets' Security Details tab. CEO George Montieth emphasized that this move is part of an ongoing strategy to enhance shareholder value, as the company's share structure had remained unchanged for over a year. The company has also expressed intentions to keep shareholders updated about share structure changes and expanding oil production efforts.

Allied Energy Corp (AGYP), based in Carrollton, Texas, has reported the successful sale of eight loads of oil from its Green and Prometheus Leases in April 2022. CEO George Montieth indicates ongoing efforts to increase production, particularly from three wells on these leases, with further improvements expected in May. The company is also focusing on its Gilmer Lease, where three re-completed wells await power installation. Due to high electrical costs, Allied is considering diesel generators as a temporary solution. The press release highlights robust future production potential and strategic growth plans.

Allied Energy Corp (AGYP) is set to enhance its market presence by pursuing an up-listing to a recognized North American stock exchange while simultaneously initiating a share buyback program. The company aims to improve transparency, increase attractiveness for acquisitions, and achieve wider visibility in the oil and gas sector. With an experienced securities council retained for the process, the initiatives are viewed as pivotal for building shareholder value and establishing trust. CEO George Montieth emphasizes that these steps will create long-term benefits for the company and its investors.

Allied Energy Corp (AGYP) provided a 2021 year-in-review highlighting operational progress across its three lease sites: Gilmer, Green, and Prometheus. The company received necessary permits to operate wells in Texas and reworked several wells to boost production. Significant upgrades to pumping equipment are planned to enhance output, aiming for 1,000 barrels per day per well. Initial production varied, with the Gilmer Lease showing 160-300 barrels daily. The Prometheus Lease achieved a daily output of 2,000-2,400 barrels. CEO George Montieth emphasized the company's foundational achievements and positive outlook for 2022.

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.

Allied Energy Corp (AGYP) has provided updates on its Gilmer lease projects, reporting production from Gilmer Well 1 and Well 5 while facing temporary shutdowns at Well 2 due to pump issues. The necessary repairs are underway to restore operations. Notably, the H-5 casing pressure test for Well 4 has been successfully completed at 500 PSI. The company highlighted the positive oil cut from Well 1 and is assessing fluid levels to optimize Well 5's gas production. CEO George Montieth acknowledged delays as growth challenges and affirmed the team's commitment to achieving optimal well performance.

Allied Energy Corp (AGYP) has announced successful oil production at three wells on the Gilmer Lease in Texas. As of October 11, 2021, wells 1, 2, and 5 have started producing both oil and natural gas after reworking efforts. The company is also in talks to secure a Gas Purchase Agreement with a regional natural gas buyer. CEO George Montieth highlighted this achievement as a significant milestone for the company, emphasizing their commitment to ongoing updates on their progress. Allied focuses on reworking existing oil and gas wells to increase production efficiency.