Business
Allied Energy Expands Its Natural Gas Holdings by Acquiring the Thiel Lease
Allied Energy Expands Its Natural Gas Holdings by Acquiring the Thiel Lease.
About this update from Allied Energy Corporation
[{"type":"text","content":"\n Carrollton, Texas, July 08, 2022 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC Pink: AGYP), a producing oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon area in the United States, is pleased to announce that the Company has recently expanded its natural gas holdings through the acquisition of the Thiel Lease and Well. The Thiel Well was drilled by Union Pacific Resources in 1996 and is located near Brenham Texas. The Thiel Well was drilled as a dual lateral well and, when completed, reported an absolute open flow rate of 44,000,000 cubic feet of natural gas per day. During its first 3 years of operation, the Thiel Well produced approximately 3,000,000,000 cubic feet of natural gas to date. Most recently the Thiel Well was operated by Jenex Petroleum Corporation from 2009 to 2021. During this time the Thiel Well reported numbers of approximately 8,080,000 cubic feet of natural gas per day (or 8.80 mmcfpd) Currently, the Thiel Well is shut in due to a leak in the flowline and the former operator's unwillingness to repair due to potential high costs. Allied's team has carefully performed due diligence on the Thiel Well and the repairs necessary to return to production. Allied has surmised that the Thiel adds significant value to the corporate holdings and serves to expand Allied's increasing interests in natural gas resources. Allied CEO George Montieth commented on the acquisition: \"One of the natural resources that we haven't spoken much about, thus far, is our natural gas holdings. Based on current trends and the preponderance of news, we here at Allied believe that natural gas, along with crude oil, has an incredibly bright future and we want to inform our investing public that we intend to maximize this resource alongside our crude oil production. Allied is seeking additional capital to add more leases like the Thiel.\" Natural gas is commonplace in many oil wells and often becomes \"flare gas.\" For those that have seen oil fields at night and have noticed what appear to be bright flames, that is the flare off gas (natural gas) being expelled into the atmosphere. Lighting the flare gas is simply the easiest way to handle this natural resource that accompanies oil production and to reduce well pressure to safe levels. However, this is an environmentally ...