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Allied Energy Provides Production Operations Report for Grimes County, Texas
Allied Energy Provides Production Operations Report for Grimes County, Texas.
About this update from Allied Energy, Inc.
[{"type":"text","content":"BOWLING GREEN, KY (Marketwire - 03/14/11) - Allied Energy, Inc. provided the following report today for its horizontal Georgetown Buda production operations in Grimes County, Texas.The Allied Howard #2H resumed production on March 12, 2011 and, over the weekend, averaged 6 million cubic feet of gas per day along with associated condensate.The Allied Howard #1H continues to produce at a rate of ~2.5 million cubic feet of gas per day equivalent and has produced nearly $1 million in gross revenue (in today’s prices) since it was turned into production the latter part of 2010. Although production may increase or decline for the short-term, production rates typically experience an annual decline over the productive life of the well(s).Although no assurances can be made, the Company estimates that combined production from both wells of methane gas, natural gas liquids and condensate should potentially stabilize in the estimated range of ~170 -200 million cubic feet of gas per month equivalent, at least for the short-term. The Company is tentatively scheduled to begin drilling the Allied Howard #3H as early as 2 – 4 weeks. \"Based on all of the pertinent production test information, expert opinions and actual production data, we remain confident that the Allied Howard #2H may be the most prolific horizontal Georgetown Buda producer in the entire trend\", said Steve Stengell, Allied's President and CEO. \"Allied plans to continue to pursue and develop additional horizontal opportunities in Central-East Texas and plans to drill the Allied Howard #4H in Grimes County as early as this spring or summer and potentially a fifth location this fall,\" added Stengell.No assurances can be made as it relates to present or future production rates or estimated reserves for any given project or the company as a whole. Tremendous risks and uncertainty are associated with oil and gas drilling, completion, development, gas transmission and production operations. It is impossible to estimate future rates and/or declines in production operations for oil, condensate and natural gas. The production rates forecasted herein are estimates only and subject to uncertainty. Gas equivalent amounts represent the liquid NGL and condensate production converted to gas MCFs at today’s prices.About Allied Energy:Allied Energy, I...