AGYP - Allied Enters into Gas Offtake Agreement with Sloan Petroleum to Procure Additional Natural Gas Wells for the Enerhash Bitcoin Mining Project
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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 Gas Offtake Agreement with SloanPetroleum in Midland, Texas, in an ongoing effort with Enerhash tobring a 20-megawatt flare-gas bitcoin mining project fullyonline.
Simplyput, this agreement with Sloan Petroleum adds necessary natural gaswells with high MCF to the Allied pool of resources. The relationshipwith Sloan is intended to be the primary natural-gas wells solutionfor completing the initial 20-megawatt bitcoin mining project withEnerhash. Sloan also has ample natural gas resources for the ultimateplanned expansion of the project to 100 megawatts.
Allied CEO GeorgeMontieth stated: "I am thrilled to make this announcement today.Sloan Petroleum is a major player in the American oil and gasindustry. It is difficult to explain in a press release the magnitudeof bringing a proven energy sector winner like Sloan Petroleum to theAllied/Enerhash project. I have tremendous respect for Mr. Del Sloan,CEO of Sloan Petroleum, he’s certainly made his mark in the oil andgas industry. Del and Sloan Petroleum have committed significantresources to our project that will enable us to complete the initial20-megawatt flare gas bitcoin mining operation with Enerhash. Wefinally have all the pieces of the puzzle and plan to rapidly deploygenerators and mining containers to each respective location thatSloan has provided."
The gas off take agreement covers the Frost #1 API#:42-501-37093 (well #1) and the Frost #2 API # : 42-501-37269 (well #2) which produces approximately 230 MCF per day, high BTU gas. Thewells are located in Yoakum County Texas. section 333, A-201, BlockD
Allied CEOGeorge Montieth stated: "As our valued stakeholders know, Alliedis currently working with Enerhash at Allied's Thiel Leaselocation. I plan to bring investors up to speed about progress theresoon. We are moving forward on all fronts and are anticipating miningfor bitcoin at the Thiel site in the near future. All these newbitcoin mining activities will be under the umbrella of Allied.Investors need to understand Allied is not simply a participant, weare the project itself. Allied has brought the right people with theright resources together and now it’s time to achieve somethingspectacular! We believe digital currency is the future and we arepositioning Allied to be a significant participant in thisfuture”.
“Lastly, Allied is planning an investors roundtable which wehope to hold in the next few weeks. We would like to updateshareholders live with a question-and-answer session at the end, staytuned for details”.
The Company invites any and all interested parties to checkback regularly at https://alliedengycorp.com/ and the corporate Twitter account
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
Contact Details
Allied EnergyCorporation
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