(MENAFN- News Direct) Carrollton, Texas | May 03, 2023 02:45 PM Eastern Daylight Time
Allied energy Corp (OTC: AGYP), a producing oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon area in the United States, is pleased to announce that the Company has entered into a formal Gas Offtake Agreement with Sloan petroleum in Midland, Texas, in an ongoing effort with Enerhash to bring a 20-megawatt flare-gas bitcoin mining project fully online.
Simply put, this agreement with Sloan Petroleum adds necessary natural gas wells with high MCF to the Allied pool of resources. The relationship with Sloan is intended to be the primary natural-gas wells solution for completing the initial 20-megawatt bitcoin mining project with Enerhash. Sloan also has ample natural gas resources for the ultimate planned expansion of the project to 100 megawatts.
Allied CEO George Montieth stated: "I am thrilled to make this announcement today. Sloan Petroleum is a major player in the American oil and gas industry. It is difficult to explain in a press release the magnitude of bringing a proven energy sector winner like Sloan Petroleum to the Allied/Enerhash project. I have tremendous respect for Mr. Del Sloan, CEO of Sloan Petroleum, he's certainly made his mark in the oil and gas industry. Del and Sloan Petroleum have committed significant resources to our project that will enable us to complete the initial 20-megawatt flare gas bitcoin mining operation with Enerhash. We finally have all the pieces of the puzzle and plan to rapidly deploy generators and mining containers to each respective location that Sloan 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. The wells are located in Yoakum County Texas. section 333, A-201, Block D
Allied CEO George Montieth stated: "As our valued stakeholders know, Allied is currently working with Enerhash at Allied's Thiel Lease location. I plan to bring investors up to speed about progress there soon. We are moving forward on all fronts and are anticipating mining for bitcoin at the Thiel site in the near future. All these new bitcoin mining activities will be under the umbrella of Allied. Investors need to understand Allied is not simply a participant, we are the project itself. Allied has brought the right people with the right resources together and now it's time to achieve something spectacular! We believe digital currency is the future and we are positioning Allied to be a significant participant in this future”.
“Lastly, Allied is planning an investors roundtable which we hope to hold in the next few weeks. We would like to update shareholders live with a question-and-answer session at the end, stay tuned for details”.
The Company invites any and all interested parties to check back regularly at and the corporate Twitter account
About AGYP:
Allied Energy Corp. is an energy development and production company acquiring oil & gas reserves in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing 'existing' oil & gas wells located in the thousands of mature oil & gas producing fields across the United States. The Company applies its knowledge, experience, and effective well-remediation technologies to achieve higher production volumes, longer well life, and more efficient recovery of the proven and available oil and gas reserves in the fields/projects in which it has acquired an ownership interest. The Company will utilize updated technologies 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 acquiring interests in a growing number of selected projects in various regions, Allied Energy Corp. is diversifying its exposure and effectively minimizing risk as it pursues corporate growth, top line & bottom-line revenues to the benefit of all stakeholders. There are proven, recoverable reserves contained in the many aging oil & gas fields that have been bypassed by companies moving away from these fields in search of deeper, more plentiful, but more costly reserves. The Company plans to concentrate on bypassed oil and gas as there is less competition and, as mentioned above, the costs are considerably less. Additionally, the company will acquire interests in marginal wells that can be acquired at minimal cost, of which 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 oil production and 10 percent of American natural gas production coming from marginal wells, they are America's true strategic petroleum reserve.”
Safe Harbor Statement:
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release, including such forward-looking statements
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Allied Energy Corporation
Phone: 972-632-2393
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