Allied Energy Corp (AGYP)

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$AGYP oil production news from last week,

Allied Energy Corporation Achieves Oil Production At Green Lease Site

Carrollton, Texas, Sept. 16, 2021 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC:AGYP), an energy company focused on leasing and reworking oil and gas projects in the state of Texas, is pleased to announce that the Company has successfully achieved ongoing oil production at their Company's Green Lease site.

The Company has successfully reworked Well M-1 and Well X-3 located at the Green Lease Site in Baylor County Texas. The two Wells are fully online and due to the design of the project, it may take some time of pumping to obtain desired production results. Very common on high water production projects.

In order to bring these initial two Wells at the Green Lease back to production the Allied team had to overcome rain delays and county electrical issues. The Company would like to publicly thank Tri-County Electric officials for their help in restoring all necessary electric to the Green Lease site.

Much work was completed to bring the Wells to production. Tank batteries were repaired and alterations were made to accept high volumes of fluids from the Well reworks. New Tubing, rods, and pumps installed. Wells were acidized to increase fluid entry to wellbore. A 160 long stroke pumping unit was installed and wells readied for production. Saltwater disposal pumps were installed and everything is fully operational.

The Allied crew on the ground has been making up for lost time due to unprecedented weather and subsequent electrical issues and is currently focusing resources at the Company's Gilmer Lease site.

CEO George Montieth commented: "Allied is now on the cusp of becoming a producing oil company. I'm proud of the determination of the entire team. After pumping down the water we will have fairly accurate barrels per day numbers and look forward to releasing these statistics. Allied has the skilled manpower, correct leases, and friendly non-dilutive funding to achieve what we set out to do and look forward to continued growth."

The Company remains committed to providing updates and invites any and all interested parties to check back regularly at https://alliedengycorp.com/ and the corporate Twitter account https://twitter.com/AlliedEnergyCo1.