Business
Allied Energy Corp. Announces Immediate Plans to Acquire Majority Ownership of Two Producing Oil Wells
Allied Energy Corp. Announces Immediate Plans to Acquire Majority Ownership of Two Producing Oil Wells.
About this update from Allied Energy Corporation
[{"type":"text","content":"Newsfile CorpCarrollton, Texas--(Newsfile Corp. - March 4, 2021) - Allied Energy Corp. (OTC Pink: AGYP) has signed an agreement with a premier partner in the Texas oil industry to pursue an immediate relationship concerning the majority ownership of two producing oil wells in northern Texas.This agreement signifies the final step before a definitive contract is signed by Allied Energy Corp. to secure an 100% Working interest 80% Net Revenue interest ownership stake in the two wells and 890.7 leased acres, with the leasehold owners.According to CEO George Monteith, \"This month, we plan to sign a contract to acquire majority ownership in two producing oil wells in northern Texas and are committed to securing this majority ownership through entirely non-dilutive means. We are excited about the immediate revenue opportunities from current production levels at these two wells and are also confident in our plans to improve production through our expertise and use of technology.\"The two producing wells are located in a prolific Texas oil and gas province approximately 2.5 hours north of Dallas. The area has a long history of oil and gas operations due to world class hydrocarbon sourcing from the Barnett shale and multiple stacked reservoirs in the Canyon Group, Strawn Group, Caddo Formation, Palo Pinto Formation, Marble Falls Group, and Mississippi Limestone.Palo Pinto: Depth of 3100', oil production of 30 barrels per day, estimated ultimate recovery 113,000 barrels.Mississippi: Depth of 5500', oil production of 50 barrels per day, estimated ultimate recovery 109,000 barrels.Caddo: Depth of 5000', oil production of 40 barrels per day, estimated ultimate recovery 91,000 barrels.CEO George Monteith explained, \"Our plans are aligning well to support significant new revenues in March. These two wells are in an area with a rich and proven history of production. Our research shows these particular reservoirs can be accessed through both vertical and horizontal drilling and should respond well to our modern re-completion techniques. As well, the partner also holds fifteen other wells in the nearby area for us to consider for future development.\"The full technical data of these two wells will be uploaded as a supplemental OTC Market filing once both parties sign the definitive agreement.About AGYP: Allied Energy Corp. i...