TopNewsGuide: Allied Energy Corp. (OTCMKTS: AGYP) on the verge of seeing oil prices rebound

This week the American Petroleum Institute (API) estimated the drawdown from crude oil inventories at 3.670 million barrels, which is well above the 2.63 million barrels forecast by analysts. This increase in demand led to a resurgence in crude oil prices, with WTI and Brent both advancing on Tuesday.

Independent driller Allied Energy Corp. (OTCMKTS: AGYP) generally performs well when the oil market is up. When oil prices started to climb in the fall, AGYP stock went from $ 0.28 to a maximum of $ 0.41. Sitting around the support again, he could see a similar rally based on yesterday’s news. Drill $ 0.30 would be a strong indication of a reversal.

This year, Allied Energy began pumping oil from 5 wells and is approaching a sixth 1-H well at its site leased by Prometheus at Texas.

They have several projects that you can find classified on our site:

The Annie Gilmer and Green leases are the two most successful sites. The five aforementioned wells are located in the two concessions. In July, AGYP ordered Mark McBryde to study each lease. The report stated that the green lease had proven, possible and probable reserves of $ 20,563,100, and $ 12,194,800 to Annie Gilmer’s lease.

According to the company’s Twitter feed, AGYP started operations at the Prometheus site which has historically produced 335 barrels per day as well as 298,000 cubic feet of natural gas per day.

With oil on the rise, AGYP stock should be on your radar.

Learn more about AGYP here:

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Felix J. Dixon