Carrollton, Texas, May 23, 2023 — McapMediaWire — Allied Energy Corp (OTC: AGYP), a producing oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon area in the United States, is pleased to announce that the Company has entered into a formal Joint Operating Agreement (JOA) with Miller ESP, LLC for the Prometheus Lease and the Justice Heirs SWD Lease.
Allied Energy Corp was pleased to identify at least six ways in which this JOA with Miller ESP (https://elitesubpump.com/aboutus.php) will enable the Company to maximize oil production throughout 2023 and beyond of the Prometheus Lease primarily and to a lesser extend the Justice Heirs Lease. Those six ways include:
- Cost Sharing: The expenses associated with oil production can be substantial. Through this JOA, Allied can share the financial burden with the equipment provider. This arrangement allows for cost sharing on items such as equipment purchase or rental, maintenance, repairs, and other operational expenses.
- Access to Specialized Equipment: Miller gives Allied access to a wider range of specialized equipment that may be necessary for efficient and effective operations. This access can enhance Allied’s capabilities and increase our chances of success.
- Expertise and Experience: Miller possesses extensive knowledge and experience in the oil industry. By entering into a JOA, Allied can benefit from the expertise of Miller, who will undoubtedly provide valuable insights and guidance on operational strategies, safety protocols, and best practices. Allied anticipates this collaboration to lead to more efficient and successful oil operations.
- Operational Efficiency: Jointly operating with Miller should lead to improved operational efficiency. Miller can handle the logistics of equipment mobilization, setup, and maintenance, allowing Allied to focus on their core competencies. This division of labor can result in streamlined operations, reduced downtime, and improved overall productivity.
- Risk Mitigation: Oil production involves inherent risks, including technical challenges, regulatory compliance, and market volatility. Sharing the risk with a trusted and experienced equipment provider through this JOA will help mitigate some of these risks. Miller’s knowledge and resources can contribute to risk assessment, contingency planning, and the implementation of appropriate risk management strategies.
- Local Relationships and Networks: Miller has established relationships with other key stakeholders in the oil industry, such as suppliers, service companies, and regulatory authorities. Through this JOA, Allied can leverage these existing networks to access additional resources, support services, and industry connections, which the Company feels will be advantageous for maximizing and growing operations.
Allied CEO George Monteith commented: “Basically this JOA means more uptime and more oil production! We believe that Miller can help us bring the Prometheus back quickly to over 40 barrels per day production. This formal relationship also opens other doors for potential new projects. I’m delighted to publicly share that what I’ve been working on for months with Miller ESP, LLC has now been formally consummated. This is very good news for Allied and our valued stakeholders.”
The Company continues active work at the Thiel site with Enerhash and River LLC in an effort to bring the initial Bitcoin mining site using flare-gas generators online. Investors can expect updates on this front soon as progress is being made daily.
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.
Allied Energy Corporation