AGYP - Allied Energy Corp Enters Strategic Joint Operating Agreement with Miller ESP LLC
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Allied Energy Corp(OTC: AGYP), a producing oil and gas company focused on the leasingand reworking of oil and gas reserves in one of the most prolifichydrocarbon area in the United States, is pleased to announce that theCompany has entered into a formal Joint Operating Agreement (JOA) withMiller ESP, LLC for the Prometheus Lease and the Justice Heirs SWDLease.
AlliedEnergy Corp was pleased to identify at least six ways in which thisJOA with Miller ESP ( https://elitesubpump.com/aboutus.php )will enable the Company to maximize oil production throughout 2023 andbeyond of the Prometheus Lease primarily and to a lesser extend theJustice Heirs Lease. Those six ways include:
- CostSharing: The expenses associated with oil production can besubstantial. Through this JOA, Allied can share the financial burdenwith the equipment provider. This arrangement allows for cost sharingon items such as equipment purchase or rental, maintenance, repairs,and other operational expenses.
- Access to Specialized Equipment: Miller gives Allied access to awider range of specialized equipment that may be necessary forefficient and effective operations. This access can enhanceAllied's capabilities and increase our chances of success.
- Expertise and Experience: Miller possessesextensive knowledge and experience in the oil industry. By enteringinto a JOA, Allied can benefit from the expertise of Miller, who willundoubtedly provide valuable insights and guidance on operationalstrategies, safety protocols, and best practices. Allied anticipatesthis collaboration to lead to more efficient and successful oiloperations.
- Operational Efficiency:Jointly operating with Miller should lead to improved operationalefficiency. Miller can handle the logistics of equipment mobilization,setup, and maintenance, allowing Allied to focus on their corecompetencies. This division of labor can result in streamlinedoperations, reduced downtime, and improved overallproductivity.
- Risk Mitigation: Oilproduction involves inherent risks, including technical challenges,regulatory compliance, and market volatility. Sharing the risk with atrusted and experienced equipment provider through this JOA will helpmitigate some of these risks. Miller's knowledge and resources cancontribute to risk assessment, contingency planning, and theimplementation of appropriate risk management strategies.
- Local Relationships and Networks: Millerhas established relationships with other key stakeholders in the oilindustry, such as suppliers, service companies, and regulatoryauthorities. Through this JOA, Allied can leverage these existingnetworks to access additional resources, support services, andindustry connections, which the Company feels will be advantageous formaximizing and growing operations.
Allied CEO George Monteith commented:"Basically this JOA means more uptime and more oil production! Webelieve that Miller can help us bring the Prometheus back quickly toover 40 barrels per day production. This formal relationship alsoopens other doors for potential new projects. I'm delighted topublicly share that what I've been working on for months withMiller ESP, LLC has now been formally consummated. This is very goodnews for Allied and our valued stakeholders."
The Company continuesactive work at the Thiel site with Enerhash and River LLC in an effortto bring the initial Bitcoin mining site using flare-gas generatorsonline. Investors can expect updates on this front soon as progress isbeing made daily.
About AGYP:
Allied Energy Corp. is an energy development and productioncompany acquiring oil & gas reserves in some of the most prolifichydrocarbon bearing regions of the United States. The Companyspecializes in the business of reworking & re-completing'existing' oil & gas wells located in the thousands ofmature oil & gas producing fields across the United States. TheCompany applies its knowledge, experience, and effectivewell-remediation technologies to achieve higher production volumes,longer well life, and more efficient recovery of the proven andavailable oil and gas reserves in the fields/projects in which it hasacquired an ownership interest. The Company will utilize updatedtechnologies 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 acquiringinterests in a growing number of selected projects in various regions,Allied Energy Corp. is diversifying its exposure and effectivelyminimizing risk as it pursues corporate growth, top line &bottom-line revenues to the benefit of all stakeholders. There areproven, recoverable reserves contained in the many aging oil & gasfields that have been bypassed by companies moving away from thesefields in search of deeper, more plentiful, but more costly reserves.The Company plans to concentrate on bypassed oil and gas as there isless competition and, as mentioned above, the costs are considerablyless. Additionally, the company will acquire interests in marginalwells that can be acquired at minimal cost, of which there are 420,000wells in the U.S. Quoting Barry Russell, President of the IndependentPetroleum Association of America ("IPAA") - "Withapproximately 20 percent of American oil production and 10 percent ofAmerican natural gas production coming from marginal wells, they areAmerica's true strategic petroleum reserve."
Safe Harbor Statement:
This PressRelease may contain certain forward-looking statements within themeaning of the Private Securities Litigation Reform Act of 1995. TheCompany has tried, whenever possible, to identify theseforward-looking statements using words such as "anticipates,""believes," "estimates," "expects,""plans," "intends," "potential" and similarexpressions. These statements reflect the Company's currentbeliefs and are based upon information currently available to it.Accordingly, such forward-looking statements involve known and unknownrisks, uncertainties and other factors which could cause theCompany's actual results, performance or achievements to differmaterially from those expressed in or implied by such statements. TheCompany undertakes no obligation to update or advise in the event ofany change, addition or alteration to the information catered in thisPress Release, including such forward-looking statements.
Contact:
Allied EnergyCorporation
Phone: 972-632-2393
Email: info@alliedengycorp.com
Twitter: https://twitter.com/AlliedEnergyCo1
Contact Details
Allied Energy Corp.
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