Allied Energy Corp. (OTCMKTS:AGYP) Sends Tweet That Well M-1 Is Pumping.
Allied Energy Corp. (OTCMKTS:AGYP) tweeted today (July 14, 2021) that its Well M1 at its Green Lease site is pumping: “M-1 Well Pumping. The pump corrected itself and it is now running fine.” That’s major news for AGYP today. In light trading volume of 234,853 against a daily average of almost twice that at 463,031, this a major new and positive development for this boutique oil and gas company. Its stock closed off at $0.7505 last night.
Markets were mixed yesterday. Well M1 is a significant asset for AGYP, as The Green Lease project has world class hydrocarbon sourcing from shale and reservoirs. New drilling techniques can make proven reserves pay again. At its Gilmer site, the location has produced in its lifetime more than five hundred thousand barrels of high gravity oil and more than five hundred million cubic feet of natural gas. Key to the AGYP’s valuation is the price of global oil.
Watch the moves and holds in oil to assess the assets in this boutique oil and gas firm and discover how much of a jewel this is. The longer OPEC, Saudi Arabia, UAE and Russia remain deadlocked and oil rises or remains high — heading towards a possible $100 per barrel price — the outlook for AGYP remains especially bullish.
Bloomberg Energy quoted last night that both WTI Crude Oil and Brent Crude continued holding high as global markets feel an oil war is looming. WTI oil was quoted at $72.91 per barrel tonight while Brent Crude hit $74.76 — each maintaining their high price levels.
AGYP keeps itself trending online as its tweets keep investors and shareholders current on its progress at its Well M1 at its Green Lease location in Texas. AGYP also believes its Green Lease Well K-3 is progressing, as well. For details, see AGYP’s company tweets. AGYP’s seasoned team identifies long-abandoned drilling wells and applies new technology to tap into proven reserves to make them new again. AGYP typically enters agreements for 100% working interest and 80% net revenue interest stakes in wells with the leasehold owners.
Low trading volume is an indication of how shorts and longs are awaiting actual oil development and how strongly WTI and Brent Crude remains high. As the Well M1 site achieves production and the company is moving work over operations over to Green Lease Well K-3, work continues on AGYP’s other major lease site: the Gilmer Lease.
George Montieth, CEO of AGYP, said last week that the Company and its team is well aware of surging oil prices globally and how valuable these wells in Texas have become. The Green Lease project has world class hydrocarbon sourcing from shale and reservoirs. New drilling techniques can make proven reserves pay again.
As large countries and oil producers continue to squabble over energy production levels, AGYP progresses as a boutique oil and gas firm specializing in reworking and re-completing existing and abandoned oil and gas wells in Texas that have proven reserves. It could deliver American-sourced oil produced on American soil from leases that are efficient and inexpensive.
AGYP last Friday reached a new high of $0.83. AGYP is positioned well for the immediate future. The U.S. may rue the day it closed the Keystone Pipeline, as AGYP finds that higher oil prices from the Mideast means that any additional oil — especially American oil from American soil — is dear.
As AGYP is making gains at developing its Green and Gilmer lease sites in Texas, barrels of oil produced from these wells of proven assets could be a reality soon. Corporate tweets document AGYP’s progress at the Gilmer and Green projects: abandoned/marginal wells located within Texas.
