Carrollton, Texas, Feb. 24, 2022 — McapMediaWire — Allied Energy Corp (OTC Pink: AGYP) is a producing oil and gas company focused on leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon areas in the United States. Allied Energy is pleased to announce that the Company has retained the services of a securities council to assist the company “AGYP” in the process of up-listing to a recognized North American Stock Exchange, excluding the US OTCMarkets. Furthermore, council has also been secured to advise and help structure an ongoing share buyback program of AGYP’s common stock.
Council retained by Allied has practiced securities law for over 30 years in North America and has successfully helped companies list and up-list their securities from lower tiered exchanges to higher tiered exchanges. Council has also achieved dual-listings for numerous companies on foreign exchanges such as the Canadian TSX or the Frankfurt Stock Exchange. The details of council will be revealed in the future when filings necessary for “AGYP” up-listing are disclosed.
The Company outlined three crucial reasons for the decision to up-list AGYP to a higher exchange:
Allied thinks that transparency on a recognized exchange will lend itself to greater trust and respect from the investment community. Allied is fortunate to have the Texas Railroad Commission website providing official updates on the Company’s lease site and oil well activities, but up-listing to a higher exchange will require audited financials and other mandatory disclosures that will show greater transparency to the investing community.
— Increased Attraction for Acquisitions
As Allied evolves throughout 2022 the Company desires to position itself in the most attractive way possible for real growth that adds value to the corporate bottom line.
— Wider Visibility
Allied believes that up-listing to a higher exchange will give the Company more visibility on an international platform. With oil prices continuing to rise we believe there is the potential for more and more investors to look towards the oil and gas sector, and therefore having more visibility around the world can only be viewed as a positive.
In addition to the up-listing process, council is retained to assist Allied with the task of executing an ongoing share buyback program of their common stock. The Company desires to reduce their public float by buying back shares in the open market or acquisitions through private transactions. More details on the buyback program will be forthcoming.
Allied CEO George Montieth explained: “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 buy-back 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.”
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.