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Allied Energy, Inc. Announces Operations Updates
Allied Energy, Inc. Announces Operations Updates.
About this update from Allied Energy, Inc.
[{"type":"text","content":"Allied Energy, Inc. Announces Operations UpdatesBOWLING GREEN, KY-- (Marketwire – April 26, 2012) - Allied Energy, Inc. (“Company”) (OTCMarkets: AGGI) today announced updates relating to its operations. Drilling Update:Cherokee County, Texas: During March 2012, the Company commenced operations to re-enter the Ragsdale #1 well located on the Ragsdale Estate lease, which totals approximately 186 acres in the East Texas Basin. The drilling plan calls for re-entry into the original well bore to a depth of approximately 5,230’, at which depth a deviated/slant hole will be drilled to an approximate total measured depth of 10,160’. Based upon logs from the original well and additional areal well control data, it is expected that the Pettet D formation will be encountered, with an anticipated pay-zone thickness of 10’-15’, but there is no assurance that this will occur. The well operator has advised that total depth should be achieved and logging operations should begin no later than the end of April.One or more of the general partnerships sponsored by the Company holds a 32% working interest in the Ragsdale #1 gas well. The remaining working interest (68%), which currently is held by the Company, may be used to satisfy certain obligations of the Company. Completion Update: Leon County, Texas: The Company has successfully completed the Champion Ranch 1-H oil well drilled in Leon County, Texas. The well was drilled to a total depth of 12,015 feet, followed by the completion of a 17-stage fracking procedure. A new pump jack was recently installed and commenced operation on April 17, 2012. One or more of the general partnerships sponsored by the Company holds a majority of the working interest in the Champion Ranch 1-H oil well. The Company owns a 25% working interest (4.75% net revenue interest), inclusive of its interests in the general partnerships. Wood County, Texas: During November 2011, the Rock Hill #1 well located on the Quitman Lake lease was drilled to a total depth of 10,080 feet. During drilling operations, several changes were made due to final placement of the bottom hole location. The well was plugged back on two occasions in order to relocate the bottom hole position. Analysis ...