Business
Allied Energy Acquires The Prometheus Lease
Allied Energy Acquires The Prometheus Lease.
About this update from Allied Energy Corporation
[{"type":"text","content":"\n Carrollton, Texas, Oct. 06, 2021 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC Pink: AGYP), an oil and gas company focused on leasing and reworking oil and gas projects in Texas, is pleased to announce that the Company has completed the acquisition of the 325 acre Prometheus Lease located in Garza County, Texas. Our interest at the Prometheus Lease is the 28 Unit Well 1H, which was producing approximately 200 barrels of oil per day and 300,000 cubic feet of natural gas per day as recently as 2016. CEO George Montieth commented on the acquisition: \"There are multiple wells included in the Prometheus Lease, one of which is currently producing about 60 barrels per day. But of utmost initial importance for Allied is bringing the Prometheus 1H Well back online. When this well was originally tested and submitted to the Texas railroad commission by Apache Corporation in 2014 their report showed 335 barrels production per day along with 298,000 cubic feet of natural gas per day with 2557 barrels of flow back and formation water. Allied will utilize 2021 technology and the experienced skill of our crew to try and match and perhaps even surpass these numbers of record.\" A brief history of the Prometheus 1H Well: The well was spudded to begin drilling in November, 2013, and was completed in April of 2014. The well was drilled horizontally to a total measured depth of 11,370’ with a vertical depth of 7,792’. The well was drilled to test the Mississippian formation that has been a very prolific formation in nearby vertical wells. The well was drilled with great observation and completed and treated with the best industry practices in all phases of drilling and completion. The well completion phase consisted of an amazing 24 stage fracturing program to fully expose the Mississippian formation for potential production. An assortment of logs were run to determine areas to determine the best locations along the lateral for potential oil and gas production. It should be noted that several other oil and production zones encountered in the vertical section of the well indicated commercial oil and gas potentials according to well logs and analysis, providing even more behind pipe reserves. Allied Energy Corporation plans to bring the Prometheus 1H well back into production using proven operating practices and expects the well to produ...