Allied Energy
Corporation Provides Workover Progress Report On Well M1 At
Their Green Lease Oil Site
Carrollton, Texas -- July 7, 2021 --
InvestorsHub NewsWire -- Allied Energy Corp (OTC
Pink: AGYP), an energy company focused on leasing and reworking
oil and gas reserves in the most prolific hydrocarbon areas of the
United States, is pleased to provide an update regarding progress
being made at the Company's M1 Well at their Green Lease
location.
The Company is delighted to inform investors that
all the planned work outlined in the Company's June 17, 2021 press
release was completed in a timely and cost-effective
manner.
CEO George Montieth commented: "Curtis has been
managing our various oil projects with great efficiency and
resolve. He is the man on the ground that is planning the work and
then working the plan. I am pleased with the time we've made up on
the Green Lease after battling heavy rains in northern Texas for
several weeks. The entire crew is well-aware of surging oil prices
and all of us are incentivized to bring wells online and producing
this month."
Beginning in the third week of June, Allied
brought a workover rig to Well M1 at the Green Lease site. The rig
started out of the hole with combination of 5/8" and 3/4"
rods. Initially the hole was full with heavy oil cut in the well.
The crew pulled pump 1 1/4" x 6' pump set at 2970'.
After completing this, the tubing was pressure
tested to 7000 psi. A few bad joints were discovered and repaired.
The M1 Well was circulated for approximately 3 hours until fluid
became clear and clean. The roustabout crew also circulated some
shale and sand from the Rat hole at the bottom of the
well.
The crew then started in hole with an AD-1 packer.
The packer was set at 2984', and rigged up for Flying A Acid.
Flying A arrived on location on June 22. The acid truck was rigged
up and prepped. The Flying A crew started pumping 750 gallons of
15% NeFe and displacement water. Project Manager Boyles reported
that the acid job went very well.
After the acid job was complete the crew opened
the well to the tank and flowed spent acid and saltwater. 14
barrels of fluid were unloaded. Then the crew started swabbing and
swabbed back approximately 31 barrels of fluid. The crew noticed a
good oil cut on final run.
Well M1 is currently ready to begin production. A
pumpjack will be installed this week and the Company will have a
good idea of barrels per day flow rate later this month. The crew
at the Green Lease has currently moved workover operations to Well
K-3.
The Company remains committed to providing updates
on their corporate website and/or the corporate Twitter page as
production progress is achieved.
The Company invites any and all interested parties
to check back regularly at https://alliedengycorp.com/ and the
corporate Twitter account https://twitter.com/AlliedEnergyCo1.
About AGYP: Allied Energy Corp. is an energy
development and production company acquiring oil & gas reserves
in some of the most prolific hydrocarbon bearing regions of the
United States. The Company specializes in the business of reworking
& re-completing 'existing' oil & gas wells located in the
thousands of mature oil & gas producing fields across the
United States. The Company applies its knowledge, experience, and
effective well-remediation technologies to achieve higher
production volumes, longer well life, and more efficient recovery
of the proven and available oil and gas reserves in the
fields/projects in which it has acquired an ownership interest. The
Company will utilize updated technologies such as hydraulic
fracturing ("fracking"), drilling of lateral ("horizontal") legs in
productive zones, and utilizing new cased hole electric logging to
locate bypassed pays, all to enhance daily rates and oil & gas
recoveries. By acquiring interests in a growing number of selected
projects in various regions, Allied Energy Corp. is diversifying
its exposure and effectively minimizing risk as it pursues
corporate growth, top line & bottom-line revenues to the
benefit of all stakeholders. There are proven, recoverable reserves
contained in the many aging oil & gas fields that have been
bypassed by companies moving away from these fields in search of
deeper, more plentiful, but more costly reserves. The Company plans
to concentrate on bypassed oil and gas as there is less competition
and as mentioned above, the costs are considerably less.
Additionally, the company will acquire interests in marginal wells
that can be acquired at minimal cost, of which there are 420,000
wells in the U.S. Quoting Barry Russell, President of the
Independent Petroleum Association of America ("IPAA") - "With
approximately 20 percent of American oil production and 10 percent
of American natural gas production coming from marginal wells, they
are America's true strategic petroleum reserve."
Safe Harbor Statement: This Press Release may
contain certain forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The Company
has tried, whenever possible, to identify these forward-looking
statements using words such as "anticipates," "believes,"
"estimates," "expects," "plans," "intends," "potential" and similar
expressions. These statements reflect the Company's current beliefs
and are based upon information currently available to it.
Accordingly, such forward-looking statements involve known and
unknown risks, uncertainties and other factors which could cause
the Company's actual results, performance or achievements to differ
materially from those expressed in or implied by such statements.
The Company undertakes no obligation to update or advise in the
event of any change, addition or alteration to the information
catered in this Press Release including such forward-looking
statements.
Contact: Allied Energy
Corporation
Phone: 858-876-0633
Email: info@alliedengycorp.com
Twitter: https://twitter.com/AlliedEnergyCo1
