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TopNewsGuide: Allied Energy Corp. (OTCMKTS:$AGYP) Tapping Untapped US Oil
According to a report from Rystad Energy, the US has more untapped oil reserves than Saudi Arabia and Russia. The report estimated 264 billion barrels of oil reserves. This includes oil that is in existing fields, new projects, recent discoveries and projections.

With geopolitical concerns growing and price fluctuations caused by uncertainty the need to tap these resources is more apparent than ever.

The biggest source of this oil is previously unreachable oil that a decade ago nobody would've dreamt of being able to extract. This caused many previously plugged wells to become valuable again.

Now some companies are starting to target these old wells, with new techniques, to extract more oil and help solve our nation's oil problem.

One such company is Allied Energy Corporation (OTCMKTS:AGYP). The company has around a dozen projects in place, with several wells at each, and this year alone has hit oil on 5 of those wells.

The company is just getting started.

AGYP's entire corporate strategy is based on acquiring previously producing wells, that they believe have untapped resources. 2021 was the company's first year of operations and it is off to a fantastic start.

Two projects have proven AGYP's strategy is a winner. Both are located in the historic Permian Basin. Earlier this year, geological studies showed the company has close to $35 million in reserves.

The Green Lease, and Annie Gilmer Lease; have both had wells commence production. This looks to be just the start. Toward the end of 2021, the company started to show progress from its latest acquisition the Prometheus Project. The well they are currently working Well 1-H has been featured on the company's Twitter feed. The Prometheus project once produced close to 350 barrels of oil and 300,000 cubic feet of natural gas daily.

Why Oil Companies Like AGYP Can Be Good Plays in 2022

The global economy and oil markets are recovering from the historic collapse in demand caused by the coronavirus (Covid-19) pandemic in 2020. However, the IEA say there may be no return to "normal" for the oil market in the post-Covid era.

The outlook for oil demand has shifted lower due to reduced travel, and more remote work. Governments follow through with strong policies to hasten the shift to clean energy. This may lead to a shortfall in investment, which could lead to a shortfall in supply.

This shortfall in supply will lead to higher prices, and demand is expected to at least stay stable; producers will benefit.

The oil companies that will take the biggest hit are most likely early-stage exploration companies; and overweight oil giants. Independent producers like AGYP could be the biggest beneficiaries of the current market conditions.

Make sure to put AGYP on your watchlist.

https://www.marketscreener.com/quote/stock/ALLIED-ENERGY-CORPORATION-120789736/news/TopNewsGuide-Allied-Energy-Corp-OTCMKTS-AGYP-Tapping-Untapped-US-Oil-37459139/