Allied Energy Forecasts
Near Term Production At The New Byers Heirs Well
Project
Carollton, TX -- February 11, 2021 -- InvestorsHub
NewsWire -- Allied
Energy Corp. (OTC
PINK: AGYP), an energy company focused on acquiring and
reworking provable oil and gas reserves in the most prolific
hydrocarbon areas of the United States, is pleased to provide the
Company a working roadmap to achieve production at Allied Energy's
Well Project #1.
Well Project
#1 is Byers Heirs #2 Deu Pree Field, in Wood County Texas. This well was
originally completed in the Woodbine formation from perforations of
5,736' – 80' making 74
barrels per day of 16-degree gravity "heavy" oil and accumulating 78,000 barrels
of oil. When abandoned in 1997 the well was capable of making 60 barrels of oil per day but at the time
there was no market for heavy oil and the price per
barrel was discounted
considerably due to the low gravity. Today there is a large
demand for this type of crude oil, and it can receive a significant bonus over
the posted price of West Texas Intermediate. The produced oil will
be blended with condensate to raise the gravity of the product and
lower the gravity of the condensate. This will alleviate any
pricing discounts applied due to lower gravity of the oil and the
higher gravity of the condensate.
The Byers
Heirs #2 Well has been successfully re-entered and is waiting on final re-completion,
which will entail the drilling of 4 or 5 short lateral legs
(horizontal) to enhance the daily production rates. These lateral
legs are capable of increasing production from two to five times
the initial daily rate. The Company predicts that sometime in late
February or early March the Company will place a work-over rig at
the site. Timing is dependent on crew availability.
A work-over
rig is a portable rig that is used to perform any kind of
maintenance during the life of the well. If there is
a mechanical failure in the
well, its production will drop, thus, in order to boost up the production from these wells,
work-over rigs are used. These are mobile rigs can be easily moved
from one location to another to perform well repair and production
enhancement work.
Allied Energy
CEO George Montieth remarked: "Bringing Byers Heirs #2 Well
online is our first of many projects in store for Q1-Q2, 2021. The
Byers Heirs #2 Well has near term potential to produce significant
revenue for Allied. Once
we successfully install the work-over rig and begin production in
earnest, Allied plans to lease additional acreage around this area
that has significant proven oil production and continue to repeat
the process with more work-over rigs and more wells. The next two wells the
Company plans to bring online had a former production of 122
barrels per day and 91 barrels per day, respectively. It is my
sincere hope that investors can see that through careful planning
and exercising years of proven experience, Allied will soon become
yet another American Success Story."
Allied plans
to begin site preparation for oil production at the Byers Heirs #2
Well site as soon as possible. This includes installing tank
batteries, flowmeters, adequate piping, and
electrical.
The Company
invites any and
all interested parties
to check back regularly at https://alliedengycorp.com/ and the corporate Twitter account
https://twitter.com/AlliedEnergyCo1
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
Phone: 858-876-0633
Email: info@alliedengycorp.com
Twitter: https://twitter.com/AlliedEnergyCo1