Carrollton, Texas, March 3, 2021 – – 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