$AGYP Catalysts
As winter approaches, seasonal demand for energy will increase. This fluctuation is usually reflected in the price of oil as demand increases across the country. Already, oil demand seems to have recovered faster than expected and is nearly outpacing supply which has led analysts at Goldman Sachs and Bank of America Global Research to raise their EOY oil price predictions to $90 and $100 a barrel. With this in mind, energy penny stocks like AGYP could be a good investment opportunity.
On October 6th, AGYP announced its latest acquisition of the 325 acre Prometheus Lease site located in Garza County, Texas. The Prometheus Lease site has numerous oil producing wells but the one which caught AGYP’S attention is the 28 Unit Well 1H. In the past, this well was producing around 300,000 cubic feet of natural gas and 200 barrels of oil per day. The company has released videos from its newest site showing some of the remaining equipment as it prepares to begin work at the Prometheus site.
With 12 total explorations projects, AGYP has been busy working at its Green Lease and Annie Gilmer sites in addition to the Prometheus. As a result of the company’s consistent work, AGYP has been producing oil and gas at the Gilmer Lease site since October 11th. With three wells now actively producing, AGYP has proven the success of its targeted approach to reworking ‘existing’ oil and gas wells in mature oil and gas producing fields. To mark the moment, AGYP’s CEO announced that, “Allied has reached an important milestone” – one of many more to come.
With production coming along, AGYP has already found a regional natural gas purchasing company and is pursuing a Gas Purchase Agreement with the yet to be disclosed company. Once finalized, this agreement could bring serious revenue to the company which has pursued a fiscally responsible business model to sustain its work without toxic funding.
