Allied Energy
Signs Binding Agreement and Acquires 80% Revenue Interest in
Multiple Northern Texas Oil Wells
Carrollton, TX -- March 22, 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 announce that
the Company has signed the final agreement contract with Energy
Management Resources, LLC and has acquired an 80% stake in an
initial two northern Texas oil wells identified as the "Palo Pinto
#1" and "Palo Pinto #2" wells. Allied Energy's land position will
allow the company to develop up to ten additional wells in the
surrounding Baylor County Texas area known locally as the "Green
Lease."
Allied CEO George Montieth elaborated on the
acquisition: "With this Palo Pinto acquisition and with Curtis
recently joining our team as Oil Operations Manager, real oil
production for Allied is now only a few short weeks away. The
Company's goal before summer is to have multiple wells at two
different lease locations producing daily, with more new wells
coming online throughout 2021. Allied has two important things
going for it now that it has never enjoyed before: 1) Strategic
funding of acquisitions, in a shareholder-friendly way, is being
done with the long-term success of the Company in mind and 2)
Rising oil prices that make re-completing formerly producing wells
with 21st century technology highly lucrative. We are in the right
industry sector at the right time and now we have the working
capital to take advantage of this surging oil market while putting
our years of expertise to good use. Based on the leases we now hold
and others we plan to acquire I believe that Allied will strongly
position itself as an oil producer within this market
sector."
Allied is pleased to inform our valued
shareholders that this acquisition was completed through a
non-dilutive, all-cash purchase and immediately adds significant
value to Allied's bottom line as a new asset on the books. Based on
formal due diligence completed by Ardent Oil and Gas Consultants
(http://ardentoil.com) the estimated ultimate
recovery of the two Palo Pinto wells is approximately 113,000
barrels of oil or about $6.7 million dollars assuming a price of
$60 per barrel for crude oil.
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