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Allied Energy Corporation (OTC: AGYP) is an innovative energy development and production company acquiring oil and gas reserves in some of the most prolific hydrocarbon-bearing regions of the United States.
The company specializes in reworking and re-completing existing oil and gas wells located in thousands of mature oil and gas producing fields across the United States. By applying its extensive knowledge, experience, and effective well-remediation technologies, Allied Energy aims to achieve higher production volumes, longer well life, and more efficient recovery of proven and available oil and gas reserves.
Allied Energy employs advanced technologies such as hydraulic fracturing (
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.
Allied Energy Corp (AGYP) has successfully acquired the 325-acre Prometheus Lease in Garza County, Texas. This acquisition includes the Prometheus 1H Well, which previously produced up to 335 barrels of oil daily and significant natural gas. Currently, one well on the lease produces about 60 barrels per day. CEO George Montieth expressed the company’s commitment to utilizing advanced technology to restore the well’s production levels. The strategic acquisition aims to enhance AGYP's operational capabilities in a region known for oil and gas reserves.
Allied Energy Corp (OTC Pink: AGYP) announced successful ongoing oil production at its Green Lease site in Texas. The reworked Well M-1 and Well X-3 are fully online, despite initial setbacks due to weather and electrical issues. The company has implemented various enhancements, including new tubing and pumps, to optimize production. CEO George Montieth expressed optimism about the company’s growth potential and future production statistics. Allied focuses on reworking existing oil wells, aiming to capitalize on proven reserves in a competitive market.
Allied Energy Corp (OTC Pink: AGYP) has initiated a Reserve Report with Petroleum Engineer Mark McBryde to assess proved, probable, and possible reserves on its Texas oil and gas leases. The report will begin with the 'Green Lease' and provide valuable insights into the company's resource capabilities. McBryde, a seasoned engineer with extensive industry experience, will enhance Allied's financial valuation through this report. CEO George Montieth emphasized the significance of this initiative for the company's standing in the oil and gas sector.
Allied Energy Corp (AGYP) has successfully completed planned work on its M1 Well at the Green Lease site, expanding its operational efficiency amidst rising oil prices. The workover rig successfully addressed challenges posed by heavy rains, completing essential tasks such as pressure testing and acid treatment, allowing for improved oil extraction. The M1 Well is now prepared for production, with a pumpjack installation scheduled for this week to determine the flow rate. The company is committed to providing further updates as production progresses.
Allied Energy Corp (AGYP) has scheduled work crews at both the Green Lease and Annie Gilmer Lease sites in Texas following delays caused by heavy rain. CEO George Montieth expressed optimism about bringing multiple wells online. The work schedule includes clearing well sites, repairing facilities, performing workovers, and enhancing production methods. The company aims to utilize updated technologies for better recovery in aging oil fields. Stakeholders are encouraged to follow progress on the company's website and Twitter.
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