Allied Energy Welcomes Longtime Oil Industry Development and Production Engineer Mark Mcbryde to Their Team and Updates on Green Lease Work-over Activities
Carrollton, Texas--(Newsfile Corp. - May 6, 2021) - Allied Energy Corp. (OTC Pink: AGYP), an energy company focused on acquiring and reworking oil and gas reserves in the the United States, is pleased to welcome longtime oil industry expert and oil Production Engineer Mr. Mark McBryde to their team.
Mr. McBryde brings extensive big oil company operational and development experience to Allied. Mark has served as Senior Production Engineer and Staff Production Engineer for prominent oil companies both within the USA and abroad. Allied invites investors to view Mr. McBryde's CV here: https://www.otcmarkets.com/stock/AGYP/disclosure.
Allied Energy CEO George Monteith stated: "Allied is building an experienced oil production team with proven oil industry experts. With their combined years of experience and success, Mark and Curtis are going to manage our projects to maximize oil production. Investors will be interested to note that these men are incentivized for the overall success of the Company as they are being remunerated according to the success of the projects."
Allied believes that with Curtis as Operations Manager and Mark now in the role of Production Engineer, the Company is ready to take another step forward with three main objectives in mind:
1. Re-complete all existing well leases held by Allied.
2. Maximize producing wells to increase daily flow and output.
3. Expand Allied's portfolio by securing new leases in strategic areas.
Mr. McBryde is a highly motivated management professional with a broad petroleum industry experience base ranging from pumper as a young man, to rig operator, to petroleum engineer managing a division with 1,000+ horizontal wells for Anadarko Petroleum Corporation. Top PE graduate with wide ranging international experience including the Anadarko Technology Group supporting US Onshore and Exploration.
In addition to owning and operating his own wells, Mark has recently worked for Anadarko Petroleum Corporation, serving as Engineering Manager. In this role, Mark directly supervised a seven member projects management team (6 engineers, 1 tech) and was responsible for the oversight of Capital/OpEx/Production budgets and all production related activities. Properties under his supervision included Austin Chalk and miscellaneous gulf coast fields (i.e. Woodbine, Wilcox, Yegua, etc.). The Austin Chalk consisted of 1000+ wells and spanned over 10 Gulf Coast counties. Mark maintained an aggressive horizontal drilling program during his duration, with an average of 5 rigs running consistently. Well design was typically two 5,000 to 6,000 foot lateral sections (one up-dip and one down-dip), totaling over 10,000 feet of horizontal section per well.
GREEN LEASE UPDATE
Allied is currently in the process of bringing the workover rig to the Palo Pinto Well #1. Once all electricity is restored to the site Allied will drill the saltwater disposal well. After this is accomplished, the crew will begin pressure testing and flow testing Palo Pinto Well #1. The Company is committed to providing investors with timely updates of production progress and intends to post more media.
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.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/83136