Allied Energy Welcomes Longtime Oil Industry Development and Production Engineer Mark McBryde to their team and Updates on Gr...
May 06 2021 - 8:45AM
InvestorsHub NewsWire
Allied Energy
Welcomes Longtime Oil Industry Development and Production Engineer
Mark McBryde to their team and Updates on Green Lease work-over
Activities
Carrollton, TX -- May 6,
2021 -- InvestorsHub NewsWire -- Allied Energy Corp. (OTC
Pink: AGYP), an energy company focused on acquiring and
reworking oil and gas reserves in the United States, is pleased to
welcome longtime oil industry expert and oil Production Engineer
Mr. Mark McBryde to their team.
Mr. McBryde brings
extensive big oil company operational and development experience to
Allied. Mark has served as Senior Production Engineer and Staff
Production Engineer for prominent oil companies both within the USA
and abroad. Allied invites investors to view Mr. McBryde's CV here:
https://www.otcmarkets.com/stock/AGYP/disclosure
Allied Energy CEO George
Monteith stated: "Allied is building an experienced oil production
team with proven oil industry experts. With their combined years of
experience and success, Mark and Curtis are going to manage our
projects to maximize oil production. Investors will be interested
to note that these men are incentivized for the overall success of
the Company as they are being remunerated according to the success
of the projects."
Allied believes that with
Curtis as Operations Manager and Mark now in the role of Production
Engineer the Company is ready to take another step forward with
three main objectives in mind:
1. Re-complete all
existing well leases held by Allied
2. Maximize producing
wells to increase daily flow and output
3. Expand Allied's
portfolio by securing new leases in strategic
areas.
Mr. McBryde is a highly
motivated management professional with a broad petroleum industry
experience base ranging from pumper as a young man, to rig
operator, to petroleum engineer managing a division with 1,000+
horizontal wells for Anadarko Petroleum Corporation. Top PE
graduate with wide ranging international experience including the
Anadarko Technology Group supporting US Onshore and
Exploration.
In addition to owning and
operating his own wells, Mark has recently worked for Anadarko
Petroleum Corporation, serving as Engineering Manager. In this role
Mark directly supervised seven member projects management team (6
engineers, 1 tech) and was responsible for the oversight of
Capital/OpEx/Production budgets and all production related
activities. Properties under his supervision included Austin Chalk
and miscellaneous gulf coast fields (i.e. Woodbine, Wilcox, Yegua,
etc.). The Austin Chalk consisted of 1000+ wells and spanned over
10 Gulf Coast counties. Mark maintained an aggressive horizontal
drilling program during his duration, with an average of 5 rigs
running consistently. Well design was typically two 5,000 to 6,000
foot lateral sections (one up-dip and one down-dip), totaling over
10,000 feet of horizontal section per
well.
GREEN LEASE
UPDATE
Allied is currently in the
process of bringing the workover rig to the Palo Pinto Well #1.
Once all electricity is restored to the site Allied will drill the
saltwater disposal well. After this is accomplished, the crew will
begin pressure testing and flow testing Palo Pinto Well #1. The
Company is committed to providing investors with timely updates of
production progress and intends to post more media.
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/AlliedEnergyCo
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