Business
Allied Energy Provides Natural Gas Data From Third Party on New Thiel Lease Acquisition
Allied Energy Provides Natural Gas Data From Third Party on New Thiel Lease Acquisition.
About this update from Allied Energy Corporation
[{"type":"text","content":"\n Carrollton, Texas, Sept. 01, 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 provide a shareholder update regarding the Company's new Thiel Lease acquisition in Washington County, Texas.  Fesco Petroleum Engineers in Alice Texas (www.fescoinc.com) ran a series of tests on the Company's Thiel Lease between July 20 and July 21, 2022. During the duration of the Fesco test the well produced over 800MCF natural gas.  The test numbers from Fesco are inline with the data Allied received and analyzed while 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 about 880MCF per day). The Company is moving forward with a plan to begin leveraging the natural gas production of the Thiel.  CEO George Montieth commented on the Fesco test of the Thiel Well: \"Data is everything in the oil and gas business. Quality data helps us to evaluate how best to spend resources on key projects in an effort to grow the overall business while maximizing our corporate bottom line. We are thrilled that the Fesco test validates the due diligence we performed on the Thiel pre-acquisition and 800+MCF per day opens the door for some unique opportunities. My conviction is that there are vast untapped natural gas resources right here in Texas and all over the United States, it is my intention to begin leveraging the undiscovered value in many of these wells. We have a plan mapped out for the remainder of 2022 and 2023, and I look forward to sharing it with our shareholders as these developments continue to unfold.\"  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. Without being hooked into a natural gas pipeline, lighting the flare gas is simply the easiest way to handle this natural resource that accompanies oil production as it reduces well pressure to levels. However, this is an environmentally unfriendly way to handle fla...