Allied Energy Corporation (OTCMKTS: AGYP) reported to the Railroad Commission of Texas (RRC) that it pumped 738 barrels of oil in January. At $96 price per barrel, that represents a valuation of $70,848.
Annualized, this represents 738 barrels of oil x 12 = 8,856. At last evening’s settled WTI Crude price of $121 per barrel, represents an exponential full year value of $1,071,576.
Put AGYP stock on your Watch List because it is likely that energy prices of oil and gas will rise higher. AGYP is a successful Texas-based independent that could hit more oil.
AGYP Files Its Energy Performance With The RRC
By filing regularly with the Railroad Commission of Texas all of its oil and gas performance, AGYP offers shareholders an accurate picture of how it hits and sells oil.
AGYP is a company transitioning from an energy exploration company into a bona fide oil and gas producer from proven but older well sites.
Earlier, AGYP tweeted it sold three loads of 160-170 barrels of oil so far in January from its Prometheus wells lease. AGYP continues to monitor production from its Well 1H in that location with the goal of increasing production from that Well.
Oil prices topped $100 per barrel, before WTI and Brent Crude settled slightly lower. At $95 barrel, that’s 510 barrels at almost $48,450 in oil in January from one well alone. AGYP has hit oil at multiple well sites.
AGYP Is Growing In Energy Production, Readies Up List
As it grows from its energy performance, AGYP has hired a securities counsel who specializes in up lists for growing companies on major international exchanges.
AGYP seeks an up list to a recognized North American exchange, excluding the U.S. OTC markets. These could include the Canadian TSX or Frankfurt Stock Exchange. The counselor is a specialist on dual exchange listings.
It would offer AGYP greater access to the capital markets and more exposure to international energy investors.
Hired counsel will also advise AGYP on establishing an ongoing share buyback program of AGYP’s common stock. Counsel is retained to advise AGYP on establishing an ongoing share buyback program. The Company seeks to reduce the size of its public float by buying back shares on the public market.
Acquisitions through private transactions will also be considered. More details on the share buyback program will be forthcoming, the Company said.
AGYP Moving From Exploration Status To Production And Oil Sales
George Montieth, CEO of AGYP, says, “Now that Allied has moved from exploration status to production and oil sales, management believes it is time to initiate the move to a higher tier exchange and institute a share-buyback program.
“We feel these initiatives will benefit both the Company and our shareholders by building real value now and in the future. I look forward to elaborating on material events as they take fruition.”
Keep AGYP stock on your Watch List as energy stocks are jumping in value as independents make energy exploring and producing profitable. As Russia-Ukraine news breaks, domestic-sourced oil is more sought-after than ever before.
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