AGYP - Allied Energy Corp Signs Definitive Agreement with Enerhash USA LLC to Partner on Flare Gas Powered Bitcoin Mining Projects
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McapMediaWire --Allied Energy Corp (OTC: AGYP ), a producing oil and gas companyfocused on the leasing and reworking of oil and gas reserves in one ofthe most prolific hydrocarbon areas in the United States, is pleasedto announce the signing of a Definitive Agreement arising from the MOUwith Enerhash USA LLC and River Energy Group LLC.
Allied EnergyCorporation and River Energy Group LLC, known together as"Allied-River," signed a Definitive Agreement with EnerhashUSA LLC, "Enerhash". The companies had previously entered intoa Memorandum of Understanding to work together on the feasibility andanalysis for developing solutions to utilize stranded and flare gasresources in the USA for Bitcoin mining and High-Performance Computingdata centers. The definitive agreement was almost exclusively based onthe aforementioned MOU with only minor changes to each party'sscope of work requirement.
The parties physically met at Allied's ThielWell site in January to map out a Q1 strategy. The Thiel well locationwill have a first phase 1-megawatt model site that will grow to a3-megawatt by the end of the year. The Thiel site will serve as thebase model for the partnership's rapid growth of the initial20-megawatt flare-gas project throughout Texas.
Allied CEO GeorgeMonteith commented: "We could not be more excited to grow thisrelationship with Enerhash as they are a proven global leader in thisindustry. We are extremely confident that we have the right partnersto succeed in this sector and bring value to our shareholders. Ourshared goal is to have the Thiel site operational by late Q1 or earlyQ2 of this year and then expand based on what we learn from ourexperiences and data collection. As stated previously, this 1-megawattproject is the first phase of a 20-megawatt development project. Thisis the goal that all parties are committed to achieving."
About Enerhash:
Enerhash isan energy technology and digital infrastructure development companyfounded by European energy experts in 2019. Enerhash has developedprojects on three continents providing renewable energy optimizationand grid balancing services including New Zealand, Sweden, Hungary andnow they are 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:
AlliedEnergy Corp. is an energy development and production company acquiringoil & gas reserves in some of the most prolific hydrocarbonbearing regions of the United States. The Company specializes in thebusiness of reworking & re-completing 'existing' oil &gas wells 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/
ContactDetails
Allied Energy Corporation
GeorgeMonteith
+1 972-632-2393
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