Carrollton, Texas, June 17, 2021 – McapMediaWire – Allied Energy Corp (OTC Pink: AGYP), an energy company focused on leasing and reworking oil and gas reserves in the most prolific hydrocarbon areas of the United States, is pleased to provide valued investors with our recent rework activities as well as highlights to a work schedule that the Company believes will bring multiple wells online.
CEO George Montieth commented: “I am pleased to inform our stakeholders that we have work crews scheduled at both the Green Lease site and the Annie Gilmer Lease site. Everyone is anxious to make up for the time we lost due to heavy rains in North Texas. The ground has finally dried out and we can easily and safely move equipment onto and around the lease sites. Below are highlights of the work schedule that Curtis has created to get us back on schedule.”
Beginning the week of June 14th, highlights to our work schedule include:
On the GREEN LEASE
- Dozier cleared wellsite location and built base pads for the new and much larger pumping units.
- Roustabout crew repaired tank battery facility for production
- Workover rig moves in and rigs up on first well. Crew will pull tubing and rods from well and then run back in hole with tubing, bit and scraper pressure testing tubing going in hole. Crew will also remove and replace bad tubing and finally go to bottom and circulate well.
- Rig up acid truck and pump acid for formation clean up. Flow spent acid back and swab well. Release packer and come out of hole with tubing and packer. Run back in hole with tubing, pump and rods. Set Pump.
- Rig Down and move to second well.
- Rig up on second well and prepare for casing test to locate hole. Locate hole and prepare for cement squeeze to repair hole. Pump cement plug and come out of hole with tubing and packer.
On the GILMER LEASE
- Roustabout and dozier on location. Clear flowline ROW’s and clear battery clear roads to wells.
- Clear well locations for workover rigs.
- Begin flowline installation to production battery from wells.
The Company will provide updates on their corporate website and/or the corporate Twitter page of the aforementioned activities and plans as progress is made.
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.
Contact: Allied Energy Corporation