AGYP - Allied Energy Corp Provides Update on the Thiel Well Bitcoin Mining Project with Enerhash
(NewsDirect)
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 provide ashareholder update regarding the Company's activities partneringwith Enerhash USA at the Thiel Well site in an effort to begin flaregas bitcoin mining.
On April 26th, CEO George Monteith of Allied Energy received arevised field build out report distributed by Enerhash'spersonal.
Due tocircumstances beyond the Company's control, initial target datesfor the Thiel site had to be adjusted. At this time the Company isconfident that all challenges have been overcome regarding the initialdelays. The Company is pleased with the revised timeline and isthankful to report that thus far everything is proceeding according toplan. To date the following work has been completed:
Operating permits -completed
Sitesurvey - completed
Site planning - completed
Elevation study - completed
Contractor proposal forsite buildout - completed
Allied will update their shareholders as furtherdevelopments occur with press releases and media updates onTwitter.
Theinitial Thiel project, if all goes as planned, is expected to take8-10 weeks to complete. The generators and data centers will belocated 150 feet south of the wellhead. A meter run will be installedjust north of the generator pad. The existing water tank will bereused for discharge from the separator. The elevated pad will beconstructed of compacted engineered fill to support generator weightsup to 60,000 lbs. per generator and 20,000 lbs. per data center. Areinforced concrete pad will be constructed on top of the compactedengineered fill to support the generator / generators. The contractorwill provide two 3-inch electrical conduits with sweeping connectionsfrom the generators to each data center pad.
Allied CEO GeorgeMonteith commented: "The Thiel is the first location where Alliedwill establish a bitcoin mining footprint in partnership withEnerhash. At this time, we believe that the Thiel site will be a3-megawatt center and power three containers of bitcoin miningequipment. As per our last release investors / current shareholderscan see that we are laying a broader foundation of gas well resourcesthrough our new partnership with Sloan Petroleum. Ultimately, we arefocused on completing the initial 20-megawatt project with Enerhash tothen set our sights toward completion of the 100-megawatt project. Iam appreciative of all the hard work my team has given, we have adetailed plan and the resources to make it happen, now it is time tomake the push toward mining digital currency."
About Enerhash:
Enerhash is an energytechnology and digital infrastructure development company founded byEuropean energy experts in 2019. Enerhash has developed projects onthree continents providing renewable energy optimization and gridbalancing services including New Zealand, Sweden, Hungary and now theyare entering into the USA.
Enerhash USA will align with energy producers as asolution to help alleviate harmful methane emissions caused byproduction. These solutions will monetize wasted natural gas resourcesto reduce emissions by eliminating routine flaring to reach ESG goalsand unlock the value from stranded resources. To discover more aboutEnerhash USA, visit their corporate website at www.enerhashusa.com .
About AGYP:
Allied EnergyCorp. is an energy development and production company acquiring oil& gas reserves in some of the most prolific hydrocarbon bearingregions of the United States. The Company specializes in the businessof reworking & re-completing 'existing' oil & gaswells located in the thousands of mature oil & gas producingfields across the United States. The Company applies its knowledge,experience, and effective well-remediation technologies to achievehigher production volumes, longer well life, and more efficientrecovery of the proven and available oil and gas reserves in thefields/projects in which it has acquired an ownership interest. TheCompany will utilize updated technologies such as hydraulic fracturing("fracking"), drilling of lateral ("horizontal") legsin productive zones, and utilizing new cased hole electric logging tolocate bypassed pays, all to enhance daily rates and oil & gasrecoveries. By acquiring interests in a growing number of selectedprojects in various regions, Allied Energy Corp. is diversifying itsexposure and effectively minimizing risk as it pursues corporategrowth, top line & bottom-line revenues to the benefit of allstakeholders. There are proven, recoverable reserves contained in themany aging oil & gas fields that have been bypassed by companiesmoving away from these fields in search of deeper, more plentiful, butmore costly reserves. The Company plans to concentrate on bypassed oiland gas as there is less competition and, as mentioned above, thecosts are considerably less. Additionally, the company will acquireinterests in marginal wells that can be acquired at minimal cost, ofwhich 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 oilproduction and 10 percent of American natural gas production comingfrom marginal wells, they are America's true strategic petroleumreserve."
Safe Harbor Statement:
This Press Release may contain certainforward-looking statements within the meaning of the PrivateSecurities Litigation Reform Act of 1995. The Company has tried,whenever possible, to identify these forward-looking statements usingwords such as "anticipates," "believes,""estimates," "expects," "plans,""intends," "potential" and similar expressions. Thesestatements reflect the Company's current beliefs and are basedupon information currently available to it. Accordingly, suchforward-looking statements involve known and unknown risks,uncertainties and other factors which could cause the Company'sactual results, performance or achievements to differ materially fromthose expressed in or implied by such statements. The Companyundertakes no obligation to update or advise in the event of anychange, 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
Enerhash USA LLC
Website: www.enerhashusa.com
Email: info@enerhash.com
Twitter: https://twitter.com/Enerhash1
Linkedin: https://www.linkedin.com/company/enerhash/
Contact Details
Allied EnergyCorporation
+1 972-632-2393
Copyright (c) 2023 TheNewswire - All rights reserved.