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$AGYP on the rise



Penny Oil Stocks on the Rise: Allied Energy Corp.

Penny oil stocks have become increasingly popular and investors on Twitter have been showing excitement for Allied Energy Corporation (OTC: AGYP) since it shared that production at its Green Lease site has resumed. On September 17th, AGYP increased 20% based on this news and could continue its green streak depending on news from the company.

Catalysts
The strength of AGYP’s operations lies in its environmental sustainability and cost-efficiency. According to the president of IPAA, 20% of US oil production comes from marginal wells, making them “America’s true strategic petroleum reserve”. Through reworking these sites, and the utilization of new technology such as fracking, AGYP is able to produce oil from otherwise abandoned wells.

The Green Lease site is one of AGYP’s latest projects aiming to rework oil wells located in Baylor County Texas. According to their latest press release, there were delays due to weather complications which cut electricity to the site. However, the site’s electricity was quickly brought back online by the relevant authorities and their work has successfully resumed.

More details regarding the recent renovations done to well M-1 and well X-3 were released and both wells are now fully operational. AGYP invested heavily in modernizing the equipment at the site, including upgrading tank batteries, tubing, and pumping units. These improvements were necessary but because this is a high water production project, it will require additional time for pumping before AGYP obtains its desired production results. Investors are also watching to see the company’s outlook after pumping down the water as this will provide “fairly accurate” statistics regarding the site’s barrels per day.

Clearly AGYP has come a long way as its CEO, George Montieth said, “Allied is now on the cusp of becoming a producing oil company”. He added that its “skilled manpower, correct leases, and friendly non-dilutive funding” will lead to further growth.

Media Sentiment
Investors on Twitter seem be to be catching onto the good news and @BCNstocks is amongst those who share a bullish outlook.


Technical Analysis
penny oil stocks AGYP chart
Currently trading at $.3985, AGYP stock experienced an over 25% increase due to production news. This puts the stock’s resistance point at .428 with a support at .37. AGYP stock has a secondary support at .359. Accumulation increased with the runup but the RSI has been decreasing, and is currently at 57.53. On the 17th the MACD had a bullish crossover and the indicator remains on the upside with no sign of a second crossover soon.



https://pennystocks.today/penny-oil-stocks-on-the-rise-allied-energy-corp/