Allied Energy Corp. (OTCMKTS: AGYP) ‘Squarely Aimed’ At Pumping Oil From Prometheus Well H-1, Announces Progress

November 18, 2021November 17, 2021 Ian Leigh AGYP, AGYP news, AGYP stock, Allied Energy Corp (OTCMKTS:AGYP), otc agyp

Allied Energy Corp. (OTCMKTS: AGYP) is focused on Well H-1 at its 325 acre Prometheus site and is allocating the majority of AGYP’s resources at that Well. It issued updates on its progress at H-1.

George Montieth, AGYP CEO, said, “Allied’s Prometheus lease acquisition is the Company’s most significant holding to date and I believe the coming weeks will demonstrate this reality. This week the majority of the Company’s resources are squarely aimed at bringing Prometheus Well 1H back into production.”

AGYP stock closed last evening at $0.3098, up +0.99%.

AGYP specializes in reworking older or abandoned wells with new technologies to make them commercial again. In the case of Prometheus, a prior report to the Texas railroad commission by Apache Corporation documented production of 335 barrels a daily plus 298,000 cubic feet of natural gas daily. It also produced 2557 barrels of flow back and formation water, the Company said.

The update reported Curtis Boyle, AGYP’s Operations Manager, designed a three-phase plan to bring Prometheus on line:

In Phase One, a third party contractor will rig up and establish a blow-out preventer on the wellhead. Borets International, another contractor, delivers a heavy downhole pump, downhole sand separator, steel insulated cable, variable frequency drive, transformer, cable and spooler.
Borets International has also attached a five-stage pump, motor and started in the hole with the necessary assembly, the Company said. All were lowered to the target depth of 6,500 feet.
In Phase Two, crews will finish running the pump into the H1 hole, the arial frequency drive, transformer to electrical service. The field crew will then program the motor and pump and run critical system tests. Then they will slowly ramp up pump horsepower.
In Phase Three, electrical service will be changed to 2000 amp. A high capacity pump will then run, horsepower will be ramped up, and full production settings will be established.
Earlier, AGYP issued a similar update on its progress at its Annie Gilmer site. It reaffirmed Wells 1 and 5 are producing and pumping oil. It detailed its operations at that location.

Allied Energy Corp. (OTCMKTS: AGYP) is exploring for oil and gas at three locations in Texas. They are the Green Lease, Annie Gilmer and Prometheus sites. AGYP has already hit oil at five wells at the first two locations. And now it is exploring for more oil and gas at Prometheus.

AGYP is well positioned as an independent driller that uses new technology to make older and abandoned wells newly commercial again. It is a Green company able to pump new energy from older sites.

Just as with the Prometheus site update announcement, AGYP has won shareholder confidence with its series of news about its Wells. The Company tweets its shareholders and the financial community at large with its progress. AGYP documents its growth.

AGYP management is aware that it is well positioned in the global oil market. As international oil prices remain high, AGYP is in the enviable position of finding oil and gas on American soil.

AGYP management is well aware of the high prices for crude oil globally. Both BP and Occidental Petroleum have signaled oil will be even more costly for an extended period of time. Occidental management firmly told Biden he should look at more production at home rather than seeking more oil from the OPEC+ cartel.

Both major crude oil indices closed down but remained high. WTI Crude last evening settled at $77.98 and Brent Crude closed at $80.15, according to oil.com.

Winter approaches and demand looms for oil. Global oil is high and is predicted to remain high into 2022. That makes AGYP’s assets under management (AUM) even more valuable. That is the catalyst for AGYP.

Firms such as BP, Chevron, Exxon Mobil Corp. and Occidental Petroleum are planning to increase spending for the remainder of 2021 and into 2022. They are planning to pump more energy.

An oil and gas engineer early last summer determined that AGYP had some $32 million in oil and gas reserves at current prices. He used now out-dated $46 per barrel market pricing in effect at the time. He also has not analyzed potential oil and gas reserves at Prometheus.

Keep AGYP on your Watch List as oil and gas energy stocks are booming in value and peak winter demand is coming. Link to more news are at https://alliedengycorp.com/ and https://twitter.com/AlliedEnergyCo1