Allied Energy Corp (AGYP)

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Recap of both news we got this week! >>

Allied Energy Corporation Continues Selling Numerous loads of Oil From Their Producing Wells Throughout April

Carrollton, Texas, May 03, 2022 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC Pink: AGYP), a producing oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon areas in the United States, is pleased to announce that the Company has successfully produced and sold eight loads of oil from the Company's Green Lease and Prometheus Lease during the month of April. The total number of barrels sold in April will be announced once all the run tickets are in from Allied’s field personnel.

Allied CEO George Montieth commented: "The eight loads sold reflect production from three wells on two leases. We are still in the monitoring phase of these producing wells and believe that production during the month of May from these three wells will continue to improve. We are currently focused on achieving production at additional wells during the month of May. The cash received from the sale of our oil production will allow us to expand the company in strategic new directions."

Allied has turned its attention toward achieving production at the Company's Gilmer Lease location. There are currently three re-completed wells at Gilmer immediately ready for production once electrical power has been established. Because of aspects beyond the Company's control, Allied is currently implementing an alternative form of power at the location. Due to the soaring costs of electrical power installation, Allied believes that the most efficient route to achieving production at the three re-completed wells at the Gilmer may initially be achieved through diesel generators and reconfiguring the one phase electrical power to three-phase with an inverter. The Company is optimistic this is the best course of action and will provide updates as progress is achieved at the Gilmer Lease.

Allied CEO George Montieth concluded: "Allied is an oil company and my mission as CEO is to ensure that our total production number and revenue continues to increase over time. Since our last release in February, much has been happening behind the scenes to increase shareholder value in the near term.”

https://www.otcmarkets.com/stock/AGYP/news/story?e&id=2201996

Allied Energy Execute Documents To Retire 2,480,000 Common Shares From Public Float

Carrollton, Texas, May 05, 2022 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC Pink: AGYP), a producing oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon areas in the United States, is pleased to announce that the Company has recently executed documents to retire 2,480,000 unrestricted common shares of AGYP stock. This retirement represents a 4% reduction in the authorized shares of the company.

Confirmation of this retirement will reflect on the OTCMarkets' “Security Details" tab and specifically the “Outstanding Shares”, “Unrestricted” and “Held at DTC” sections will be reduced by 2,480,000. The company’s Transfer Agent VStock will facilitate the retirement of the shares. The company will continue to update shareholders regarding share structure changes.

Allied CEO George Montieth commented: "On February 24, 2022, I told the investing public my aim was to reduce the number of shares and I am now beginning that process. Allied's share structure has remained unchanged for over a year, and I’ve recently made strategic moves to effect a reduction in our outstanding shares. I believe in increasing shareholder value and have the best interest of our stakeholders in mind. Continue monitoring OTCMarkets for updates on our share structure reduction. Regarding our increasing oil production, I'll have more updates from the oil fields, soon. Business development continues in earnest."

https://www.globenewswire.com/news-release/2022/05/05/2437103/0/en/Allied-Energy-Execute-Documents-To-Retire-2-480-000-Common-Shares-From-Public-Float.html

$AGYP