$AGYP News! Allied Energy Signs Binding Agreement And Acquires 80% Revenue Interest In Multiple Northern Texas Oil Wells
Carrollton, Texas--(Newsfile Corp. - March 22, 2021) - Allied Energy Corp. (OTCPink:AGYP), an energy company focused on acquiring and reworking provable oil and gas reserves in the most prolific hydrocarbon areas of the United States, is pleased to announce that the Company has signed the final agreement contract with Energy Management Resources, LLC and has acquired an 80% stake in an initial two northern Texas oil wells identified as the "Palo Pinto #1" and "Palo Pinto #2" wells. Allied Energy's land position will allow the company to develop up to ten additional wells in the surrounding Baylor County Texas area known locally as the "Green Lease."
Allied CEO George Montieth elaborated on the acquisition: "With this Palo Pinto acquisition and with Curtis recently joining our team as Oil Operations Manager, real oil production for Allied is now only a few short weeks away. The Company's goal before summer is to have multiple wells at two different lease locations producing daily, with more new wells coming online throughout 2021. Allied has two important things going for it now that it has never enjoyed before: 1) Strategic funding of acquisitions, in a shareholder-friendly way, is being done with the long-term success of the Company in mind and 2) Rising oil prices that make re-completing formerly producing wells with 21st century technology highly lucrative. We are in the right industry sector at the right time and now we have the working capital to take advantage of this surging oil market while putting our years of expertise to good use. Based on the leases we now hold and others we plan to acquire I believe that Allied will strongly position itself as an oil producer within this market sector."
Allied is pleased to inform its valued shareholders that this acquisition was completed through a non-dilutive, all-cash purchase and immediately adds significant value to Allied's bottom line as a new asset on the books. Based on formal due diligence completed by Ardent Oil and Gas Consultants ( http://ardentoil.com
) the estimated ultimate recovery of the two Palo Pinto wells is approximately 113,000 barrels of oil or about $6.7 million dollars assuming a price of $60 per barrel for crude oil.
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