Stocks BLOW-ing Up

[Penny_Agent]

$AGYP is one of the two oil penny stocks on the rise

Allied Energy Corp: AGYP

Meanwhile, AGYP’s acquisition of the re-pressurized Annie Gilmer and Green Lease wells in Texas has proved fruitful according to its Q2 results. While the company has yet to produce any revenue, they have made structural changes over the last quarter to reduce its total operating expenses. Cutting back 24.2% compared to 2020 Q2 operating expenses, AGYP has also reduced wages to streamline its budget.
Now converting employees’ accrued salaries into unsecured, non-interest bearing convertible notes, the company is showing its confidence and willingness to adapt in order to achieve oil production. As a result the company has more cash and cash equivalents on hand valued at $270,980 which are being quickly re-invested into the oil and gas sites.
The company has been building on momentum from its July 22nd Green Lease report which outlined 229,400 “probable” barrels of oil and 448,000 “possible” barrels. This report was compiled by oil industry expert and AGYP Production Engineer, Mark McBryde. Then on July 29th, McBryde shared a second report regarding the Annie Gilmer site. According to his analysis, the site has 80,400 “probable” barrels of oil and 135,500 “possible” barrels of oil. Similarly, McBryde reported 192.2 million cubic feet of “probable” gas and 224.1 million cubic feet of “possible” gas. Of course, these numbers were determined in accordance with the U.S. SEC, therefore, these estimates are the most conservative calculations possible.
Reassuring its investors in a tweet, AGYP shared that it has secured non-dilutive funding for its current oil projects, adding that it will not entertain toxic funding offers and will continue to develop non-dilutive funding when required. Following a run-up in July, the stock has been trending downwards and is showing a new support of $.3510. However, it seems unlikely to fall back to its June support of $.2470 given the current demand for oil in the US.


https://pennystocks.today/axunf-agyp-two-oil-penny-stocks-on-the-rise/