Allied Energy Corp (OTCBB: AGYP) is an energy development and production company that works to acquire oil and gas reserves in some of the most prosperous regions in the United States. Using updated technology, they have the power to renovate and produce more products from these sources. Recently, they released their forecast based on their previous projects, including the Byer Heirs Wells that they recently acquired in Texas.
Allied Energy (OTCBB: AGYP) has changed the landscape of the energy management and development industry with its revolutionary techniques. Their recent forecast news was released regarding the first well project called the Byers Heirs #2 Well. This is located in Deu Pree Field in Wood County, Texas.
With such a significant demand for crude oil, Allied Energy saw the potential and jumped on the opportunity to invest in this crucial area of the country. The well is currently waiting for final re-completion after being successfully re-entered by Allied Energy earlier this year. To finish the well, they will have to drill four or five lateral legs to help with increasing productivity.
The prediction for the future of Allied Energy (OTCBB: AGYP) stated that the company was expecting to work on the site in late February or even early March. The only problem was their heightened dependence on the crews they would be able to hire and whether they would get the job completed in time. Fortunately, this was not an issue as they had predicted before starting this step of the project.
However, Allied Energy’s CEO George Montieth feels optimistic about the future and what the new well brings their company despite these challenges. When asked about the well, Montieth said that “Byers Hiers #2 Well had near term potential to produce significant revenue for Allied”. The investors and management team at Allied have hope that this new well will compete well with their other previous projects, which entailed between 91 and 122 barrels per day after completing their work on the site.
With the planned work on-site at Byers Hiers #2 Well, Allied Energy’s forecast for the future is bright. They are hoping to produce more barrels from the northern Texas wells and even continue onward to find more in the region that they can capitalize on. Their forecast is optimistic, which means well for the energy development company’s plans, even beyond Texas and into other notable oil and gas regions.
For more information on Allied Energy (OTCBB: AGYP), check out Penny Stocks to read about the stock and other companies. They have had great success with increasing the number of stockholders they have currently! To keep up with current news related to Allied Energy, they are active on social media, specifically Twitter.