Allied Energy Corp. Announces Immediate Plans to Acquire Majority Ownership of Two Producing Oil Wells
March 04 2021 - 7:40AM
InvestorsHub NewsWire
Allied
Energy Corp. Announces Immediate Plans to Acquire Majority
Ownership of
two Producing Oil Wells
Carrollton, TX
-- March 4, 2021 --
InvestorsHub NewsWire -- Allied Energy Corp. (OTC
Pink: AGYP) has signed an agreement with a premier partner in
the Texas oil industry to pursue an immediate relationship
concerning the majority ownership of two producing oil wells in
northern Texas.
This agreement
signifies the final step before a definitive contract is signed by
Allied Energy Corp. to secure an 100% Working interest 80% Net Revenue interest ownership stake in the two wells
and 890.7 leased
acres, with the
leasehold owners.
According to
CEO George Monteith, "This month, we plan to sign a contract to
acquire majority ownership in two producing oil wells in
northern Texas
and are committed to
securing this majority ownership through entirely non-dilutive
means. We are excited about the immediate revenue opportunities
from current production levels at these two wells and are also confident in our plans
to improve production through our expertise and use of
technology."
The two
producing wells are
located in a prolific Texas oil and gas province approximately 2.5
hours north of Dallas. The area has a long history of oil and gas
operations due to world class hydrocarbon sourcing from the Barnett
shale and multiple stacked reservoirs in the Canyon Group, Strawn
Group, Caddo Formation, Palo Pinto Formation, Marble Falls Group,
and Mississippi Limestone.
Palo Pinto: Depth of 3100', oil production of 30
barrels per day, estimated ultimate recovery 113,000
barrels.
Mississippi: Depth of 5500', oil production of 50
barrels per day, estimated ultimate recovery 109,000
barrels.
Caddo: Depth of 5000', oil production of 40
barrels per day, estimated ultimate recovery 91,000
barrels.
CEO George
Monteith explained, "Our plans are aligning well to support
significant new revenues in March. These two wells are in an area
with a rich and proven history of production. Our research shows
these particular
reservoirs can be accessed through both vertical and horizontal
drilling and should respond well to our modern re-completion
techniques. As well, the partner also holds fifteen other wells in
the nearby area for us to consider for future
development."
The full
technical data of these two wells will be uploaded as a
supplemental OTC Market filing once both parties sign the
definitive agreement.
About AGYP: Allied Energy Corp. is an energy
development and production company focused on acquiring proven oil
& gas reserves in some of the most prolific hydrocarbon bearing
regions of the United States. The Company specializes in reworking
and/or re-completing 'existing' oil & gas wells some of the
thousands of mature oil and 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. By acquiring interests in a
growing number of selected projects in various regions, Allied
Energy Corp. plans to develop a diverse portfolio
in order to empower growth
while mitigating risk.
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:
858-876-0633
Email:
info@alliedengycorp.com
Twitter: https://twitter.com/AlliedEnergyCo1
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