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Carrollton, Texas, July 22, 2021 (GLOBE NEWSWIRE) -- Allied Energy Corp (OTC Pink: AGYP), an energy company focused on leasing and reworking oil and gas projects in the state of Texas, is pleased to announce that Petroleum Engineer Mark McBryde has begun work on an Reserve Report detailing proved, probable and possible reserves on all of Allied's current leases.
Mr. McBryde will first provide an executive summary of each separate lease detailed on the Engineering Report beginning with the "Green Lease." Once all executive lease summaries are released, Allied will publish these reports with the OTC Markets via a supplemental disclosure. The Reserve Report will not only give Allied a clear understanding of all the resources under Allied's control. The report for Allied will outline the proven, probable and possible oil reserves for the leases Allied holds.
Mark has served as Senior Production Engineer and Staff Production Engineer for prominent oil companies both within the USA and abroad, and has a degree from Texas Tech in Petroleum Engineering.
CEO George Montieth commented: "Mark is a respected oil man with a long history of success within the industry. Mark was the highest-ranking graduate from Texas Tech in his graduation year and has worked for senior oil companies. The reserve report that Mark is preparing will provide the company with a financial valuation that can be used within the oil and gas industry."
Allied invites interested parties to view Mr. McBryde's CV here: https://backend.otcmarkets.com/otcapi/company/financial-report/281726/content
The Company remains committed to providing updates on their corporate website and/or the corporate Twitter page as oil production progress is achieved.
About AGYP: Allied Energy Corp. is an energy development and production company acquiring oil & gas reserves in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing 'existing' oil & gas wells located in the thousands of mature oil & gas producing fields across the United States. The Company applies its knowledge, experience, and effective well-remediation technologies to achieve higher production volumes, longer well life, and more efficient recovery of the proven and available oil and gas reserves in the fields/projects in which it has acquired an ownership interest. The Company will utilize updated technologies such as hydraulic fracturing ("fracking"), drilling of lateral ("horizontal") legs in productive zones, and utilizing new cased hole electric logging to locate bypassed pays, all to enhance daily rates and oil & gas recoveries. By acquiring interests in a growing number of selected projects in various regions, Allied Energy Corp. is diversifying its exposure and effectively minimizing risk as it pursues corporate growth, top line & bottom-line revenues to the benefit of all stakeholders. There are proven, recoverable reserves contained in the many aging oil & gas fields that have been bypassed by companies moving away from these fields in search of deeper, more plentiful, but more costly reserves. The Company plans to concentrate on bypassed oil and gas as there is less competition and as mentioned above, the costs are considerably less. Additionally, the company will acquire interests in marginal wells that can be acquired at minimal cost, of which there are 420,000 wells in the U.S. Quoting Barry Russell, President of the Independent Petroleum Association of America ("IPAA") - "With approximately 20 percent of American oil production and 10 percent of American natural gas production coming from marginal wells, they are America's true strategic petroleum reserve.”
Safe Harbor Statement: This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release including such forward-looking statements.
Contact: Allied Energy Corporation