Allied Energy
Corporation leases Five Additional Texas Oil Wells At the 300 Acre
Annie Gilmer Lease
Carrollton, TX -- May 17, 2021 -- InvestorsHub
NewsWire -- 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 announce that the Company has leased
300 acres containing five additional oil wells in Crystal Falls,
Texas identified as part of the Annie Gilmer
Lease.
The Annie Gilmer lease is in the small community
of Crystal Falls, Texas on the banks of the Clear Fork of the
Brazos river, approximately thirty miles north of the town of
Breckenridge, Texas. There a total of five wells drilled on the
lease, that is approximately 300 acres. There are five wells on the
lease that were drilled to the Mississippi formation that is
encountered at approximately 4100' below the surface of the earth.
The Mississippi formation, when caught on good geologic structure
can produce prolific oil and gas cumulative numbers. There were six
wells drilled on the lease starting in the mid 70's with the last
being drilled in 1989. Since the initial well, the lease has
produced over five hundred thousand (5000,000) barrels of high
gravity oil and over five hundred million (500,000,000) cubic feet
of very rich natural gas. There are two permitted saltwater
injection well on the lease. One of the injection wells will be
re-converted to an active oil and gas producer.
Allied CEO George Montieth elaborated on the
acquisition: "We are thrilled to add the Annie Gilmer Lease wells
to our ever-expanding portfolio of Texas oil wells. Allied
currently has a crew on the ground this week at this new location
and expects to release flow rates, videos and other pertinent data
shortly. Investors can also expect updates about our Green Lease
location as the workover rig is now just waiting on weather to move
onto the lease."
Allied is pleased to inform our shareholders that
this acquisition, just like the Green Lease 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.
The Annie Gilmer wells have re-pressured since the
shut-in dates and are capable of flowing oil and gas at this time.
Prudent operations will allow these wells to produce at optimal
rates to assure the recovery of the oil and gas
reserves.
The Annie Gilmer lease, according to drilling
logs, also contains potential oil and gas reserves in the Caddo
formation at a depth of approximately 3250' below the surface of
the earth. The Caddo formation has never been produced on the
lease, however, there have been many Caddo wells completed
immediately surrounding the Annie Gilmer lease. The Caddo formation
will be examined closely to determine the potential for virgin oil
and gas reserves.
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