AGYP Traces Out Constructive Pause as Oil Holds Support
AGYP shares sit in a well-formed bullish pennant with a sloped trending support level holding firm as RSI prints a potential bullish signal above a rising long-term moving average.
Allied Energy (OTCMKTS:AGYP) specializes in the business of reworking and re-completing existing oil and gas wells located in the thousands of mature oil and gas producing fields across the United States, with the objective of mobilizing its expertise and technology to drive higher production volumes, longer well life, and more efficient recovery of proven and available oil and gas reserves in acquired wells.
AGYP most recently announced that it has signed the final agreement contract with Energy Management Resources, LLC and has acquired an 80% stake in an initial two northern Texas oil wells identified as the "Palo Pinto #1" and "Palo Pinto #2" wells.
Allied Energy's land position will allow the company to develop up to ten additional wells in the surrounding Baylor County Texas area known locally as the "Green Lease."
The company also noted in the release that the acquisition was non-toxic on the financing side, with a non-dilutive, all-cash purchase that immediately adds significant value to Allied's bottom line as a new asset on the books.
Based on formal due diligence completed by Ardent Oil and Gas Consultants (ardentoil.com) the estimated ultimate recovery of the two Palo Pinto wells is approximately 113,000 barrels of oil or about $6.7 million dollars assuming a price of $60 per barrel for crude oil.
Allied Energy (OTCMKTS:AGYP) specializes in the business of reworking and re-completing existing oil and gas wells located in the thousands of mature oil and gas producing fields across the United States, with the objective of mobilizing its expertise and technology to drive higher production volumes, longer well life, and more efficient recovery of proven and available oil and gas reserves in acquired wells.
AGYP most recently announced that it has signed the final agreement contract with Energy Management Resources, LLC and has acquired an 80% stake in an initial two northern Texas oil wells identified as the "Palo Pinto #1" and "Palo Pinto #2" wells.
Allied Energy's land position will allow the company to develop up to ten additional wells in the surrounding Baylor County Texas area known locally as the "Green Lease."
The company also noted in the release that the acquisition was non-toxic on the financing side, with a non-dilutive, all-cash purchase that immediately adds significant value to Allied's bottom line as a new asset on the books.
Based on formal due diligence completed by Ardent Oil and Gas Consultants (ardentoil.com) the estimated ultimate recovery of the two Palo Pinto wells is approximately 113,000 barrels of oil or about $6.7 million dollars assuming a price of $60 per barrel for crude oil.