Allied Energy Corp (AGYP)

[MJS1984]

Prometheus Lease might be its most lucrative site yet.

PROMETHEUS LEASE 2021 IN REVIEW

The Company completed the acquisition of the 325 acre Prometheus Lease located in Garza County, Texas. This well was originally tested and submitted to the Texas railroad commission by Apache Corporation in 2014.

Allied successfully completed all scheduled rework of Well 1H and this well is currently online and performing as designed. Currently, Allied continues to draw the fluid down at a rate of 2000 to 2400 barrels per day. At the end of Q4, 2021, Allied has sold a total of 3 loads (approximately 160-170 barrels per load) of oil from the Prometheus Lease.

PROMETHEUS LEASE 2022 OUTLOOK: Prometheus Well 1H continues to pump as Allied refines the processes to maximize the potential of Well 1H. In order to improve the oil production from Well 1H, Allied is currently in the process of installing a transfer pump and will flare all the gas to reduce the pressure in the well. Accomplishing this will result in an increase in oil production for the well. Since the start of Q1, there have been continued oil sales from Well 1H as we look forward to seeing continued growth in numbers from this site.

CEO George Montieth summarized 2021 as a year of laying foundations: "Yes, 2021 was a foundational year for Allied in which the Company successfully achieved initial production at three of our lease sites. I am genuinely proud of my team in the field for their hard work and dedication. In less than a year our team has done almost everything we set out to do. Sure, there have been hiccups and challenges along the way, but there are with every company. We enjoy meeting these challenges head on every day, it's what we love about building Allied Energy. From a practical side we also understand that whether it's getting power to the Gilmer Wells sooner or the weather delays we were met with throughout the spring season, some things are out of your control timing wise. We now go into 2022 as a producing oil company that is selling oil to our contracted agent. Our initial production numbers have barely scratched the surface of the real potential of Allied's six existing well projects. Now that we have this foundation of six active wells, I intend to build upon that throughout 2022 by maximizing production at each well, adding new wells and leases along with other strategic ventures to benefit the company and its shareholders. Allied is a producing all-American oil company that is in the right place at the right time in history. I could not be more excited about the prospects for the upcoming year and again remain proud that we accomplished the majority of our 2021 goals as outlined to our shareholders, most notably becoming a producing oil company!"

$AGYP