Allied Energy Corp. Updates on Palo Pinto Pre-Production Activities and Expands Leases at Byers Heirs Property
Carrollton, Texas--(Newsfile Corp. - April 15, 2021) - Allied Energy Corp. (OTC Pink: AGYP), an energy company focused on acquiring and reworking oil and gas reserves in the most prolific hydrocarbon areas of the United States, is pleased to provide updates on existing activities.
UPDATES ON PALO PINTO ACTIVITIES ("The Green Lease")
Allied Energy Operating LLC, ("Allied") submitted and posted their bond for the P-4 and P-5 applications to the Texas Railroad Commission, Allied is waiting on the Texas Railroad Commission to accept their bond and active the P5 operating permit.
Allied has secured Oil Cat Energy Services for the filing of the necessary Underground Injection Permit for saltwater injection for the Green lease. Allied will use Oil Cat Energy Services as the go-to solution for surveying the plat for the precise injection well location, for securing the drilling permit for the injection well, for engineering services and consulting, and workover engineering for new production well set ups for increased fluid production rates.
Allied has begun dozier work for road construction, location clearing/cleaning, and reserve pit building at the Palo Pinto Well #1 location.
Allied is reconnecting electricity on the Palo Pinto #1 and #2 Wells next week and will be turning on the pump on the Palo Pinto #1 Well to test the fluid levels and flow rates.
Allied Energy Corporation CEO, George Montieth added: "We are extremely excited about our recent acquisition of the Palo Pinto wells and have a high confidence that these wells will become part of Allied Energy Corporation's oil production numbers. These formerly producing wells are perfect candidates for modern reworking and recompleting technology that will give these old wells new life. In many cases, the most productive days are still ahead for some of these wells!"
ALLIED ADDS NEW LEASES AT BYERS HEIRS LOCATION
Allied Energy Corporation is expanding their lease holdings at the Byers Heirs location and believes the offset potential in and around this Well is substantial.
Allied Energy Corporation CEO, George Montieth elaborated: "We believe in the potential of the Byers Heirs location and want to have these additional leases and several formerly active Wells in our portfolio. Once Allied brings the first two wells at Palo Pinto online we will turn our corporate focus to the Byers Heirs location. We are hoping to begin work on the Byers Heirs Well towards the end of the second quarter."
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.
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