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AGYP Allied Energy Corp Updates on Palo Pinto Pre-Production Activities, and Expands Leases at Byers Heirs Property



Carrollton, TX -- April 15, 2021 -- InvestorsHub NewsWire -- Allied Energy Corp. (OTC Pink: AGYP), an energy company focused on acquiring and reworking oil and gas reserves in the most prolific hydrocarbon areas of the United States, is pleased to provide updates on existing activities.

UPDATES ON PALO PINTO ACTIVITIES ("The Green Lease")

Allied Energy Operating LLC, ("Allied") submitted and posted their bond for the P-4 and P-5 applications to the Texas Railroad Commission, Allied is waiting on the Texas Railroad Commission to accept their bond and active the P5 operating permit.

Allied has secured Oil Cat Energy Services for the filing of the necessary Underground Injection Permit for saltwater injection for the Green lease. Allied will use Oil Cat Energy Services as the go-to solution for surveying the plat for the precise injection well location, securing the drilling permit for the injection well, for engineering services and consulting, and workover engineering for new production Well set ups for increased fluid production rates. https://oilcatservices.com

Allied has begun dozier work for road construction, location clearing/cleaning, and reserve pit building at the Palo Pinto Well #1 location.

Allied is reconnecting electricity on the Palo Pinto #1 and #2 Wells next week and will be turning on the pump on the Palo Pinto #1 Well to test the fluid levels and flow rates.

Allied Energy Corporation CEO George Montieth added: "We are extremely excited about our recent acquisition of the Palo Pinto wells and have a high confidence that these wells will become part of Allied Energy Corporation's oil production numbers. These formerly producing Wells are perfect candidates for modern reworking and recompleting technology that will give these old wells new life. In many cases, the most productive days are still ahead for some of these wells!"

ALLIED ADDS NEW LEASES AT BYERS HEIRS LOCATION

Allied Energy Corporation is expanding their lease holdings at the Byers Heirs location and believes the offset potential in and around this Well is substantial.

Allied Energy Corporation CEO George Montieth elaborated: "We believe in the potential of the Byers Heirs location and want to have these additional leases and several formerly active Wells in our portfolio. Once Allied brings the first two wells at Palo Pinto online we will turn our corporate focus to the Byers Heirs location. We are hoping to begin work on the Byers Heirs Well towards the end of the second quarter."

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