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Allied Energy Operations Report-Giddings Field
Allied Energy Operations Report-Giddings Field.
About this update from Allied Energy, Inc.
[{"type":"text","content":"Allied Energy Provides an Operations Report for its HorizontalPrograms in the Giddings FieldBOWLING GREEN, KY-9/30/10- Allied Energy, Inc. (Pinksheets: AGGI- News)announced today that the Company is making preparations to commence productionoperations for the Allied Howard #1H and begin drilling its second horizontalwell, the Allied Howard #2H, in the historic Giddings Field of Grimes County,Texas.On May 15, 2010, the Howard #1H tested at a flowing rate of4,011 MCFGD on a 20/64\" choke with associated condensate. Construction of the production / surface facilities, NGL processing unit,etc. is now complete and production operations for the Allied Howard #1H isscheduled to begin in the next two weeks.Allied Gas Transmission, a majority owned subsidiary of Allied,has completed building 4,000+/- feet of pipeline and hydro-tested the line at2,220 PSI in order to begin selling gas to the Atmos Energy, Inc. Interconnect.Road and location construction is currently underway for theAllied Howard #2H well and the Pioneer Rig #33 is scheduled to begin moving onlocation in the next week to begin drilling.\"We are extremely pleased with the results we have seenthus far in the Giddings Field and look forward to utilizing the technologicaladvances that relate to horizontal drilling and production,\" said SteveStengell, Allied’s President. “We are also making tentative plans for athird location in the future”, added Stengell.Allied Energy, Inc. recently signed and executed a connectionagreement with Atmos Energy, Inc. in order to sell gas in Grimes County, Texas.Allied Operating Texas, LLC, a wholly owned subsidiary, wasformed in 2009 for the purposes of operating and developing its vertical andhorizontal drilling programs in Central-East Texas.No assurances can be made as it relates to present or futureproduction rates or estimated reserves for any given project or the company asa whole. Tremendous risks and uncertainty are associated with oil and gasdrilling, completion, development and production operations. It is impossibleto estimate future rates and/or declines in production operations for oil,condensate and natural gas.About Allied Energy:Allied Energy, Inc. (Pinksheets:AGGI- News)is an independent energy development firm primarily engaged in the exploration,development, and production of oil and natural gas i...