Welcome!

Microsoft Cloud Authors: Janakiram MSV, Yeshim Deniz, David H Deans, Andreas Grabner, Stackify Blog

News Feed Item

Allied Energy, Inc. Announces Operations Updates

BOWLING GREEN, KY -- (Marketwire) -- 01/28/13 -- Allied Energy, Inc. ("Company") (PINKSHEETS: AGGI) today announced updates relating to its operations.

Drilling Update:

Yakesh 2-H Prospect: During December 2012, Allied Operating Texas, LLC, ("AOT"), a wholly-owned subsidiary of Allied Energy, Inc., executed a drilling contract with Independent Drilling, LLC, Kilgore, TX and commenced spudding of the Yakesh 2-H horizontal well, located in Milam County, TX.

As of January 16, 2013, total vertical depth had been reached at 6,300 feet, and after consultation and review of drilling logs, a decision was made to drill the lateral (horizontal) section through the upper Buda formation. It is anticipated that the drilling phase of the lateral section will be completed by early February 2013.

The costs of developing the Yakesh 2-H prospect are funded by two general partnerships sponsored by the Company. The partnerships hold a majority working interest in the Yakesh 2-H prospect. The Company holds a 0.1% working interest (0.075% net revenue interest), inclusive of its interests in the general partnerships.

Non-Commercial Well Update:

B. Bryant #1 Prospect: In early December 2012, the B. Bryant #1 well, located in Wood County, TX, was drilled to the Rodessa and Pettit formations at a total depth of approximately 10,100 feet.

After reaching total depth, the well was logged and Company engineers met with log analysts from Schlumberger to review the open-hole logs and make recommendations for the completion of the well.

After extensive evaluation by Schlumberger Open Hole Logging experts, Company geologists, and Allied Energy Inc.'s VP of Operations, the operational decision was made to Plug and Abandon (P&A) the well. It was determined that while the well was capable of producing on a very limited basis, it was not capable of producing in quantities necessary to cover the costs of completing the well.

The drilling of the B. Bryant #1 well was funded by two general partnerships sponsored by the Company. The partnerships hold a majority working interest in the B. Bryant #1 prospect. The Company holds a 0.05037% working interest (0.03777% net revenue interest), inclusive of its interests in the general partnerships.

Completion Update:

Ragsdale #2 Well: In November 2012, the Ragsdale #2 well, located in Cherokee County, TX, was drilled to the Pettit formation at a total depth of approximately 10,500'.

Based on well logs run by Schlumberger, the Company believes that there are hydrocarbons present and approximately 70' of pay. A decision was made to complete the well, the operations of which are currently ongoing.

The drilling and completion of the Ragsdale #2 well was funded by two general partnerships sponsored by the Company. The partnerships hold a majority working interest in the Ragsdale #2 prospect. The Company holds a 0.25% working interest (0.1875% net revenue interest), inclusive of its interests in the general partnerships.

Production Update:

E. Cantrell #1: During August 2012, the E. Cantrell #1 well, located in Wood County, TX, was drilled to the Travis Peak formation at a total depth of approximately 10,709 ft.

After reaching total depth, the well was logged and Company engineers met with log analysts from Schlumberger and consulting geologists to review the open-hole logs and make recommendations for the completion of the well.

After evaluation by Schlumberger and Company personnel, the operational decision was made to complete the well in the Rodessa formation.

The well is presently in initial stages of production testing.

The drilling and completion of the E. Cantrell #1 well was funded by two general partnerships sponsored by the Company. The partnerships hold a majority working interest in the E. Cantrell #1 prospect. The Company holds a 0.05037% working interest (0.03777% net revenue interest), inclusive of its interests in the general partnerships.

Acquisition Update:

Yakesch Unit: In August 2012, the Company acquired a 100% working interest (78-80% net revenue interest) in the 130.49-acre Yakesch Unit in Milam County, TX. The lease includes one vertical well, which is in the process of being re-completed and is not producing hydrocarbons. The lease is being further developed with the drilling of the Yakesh 2-H horizontal well primarily by two partnerships sponsored by the Company. Operations management believes that there is the potential for the drilling of one additional vertical well on the Unit.

WT Pearson Lease: In October 2012, the Company acquired the WT Pearson Lease in Milam County, TX. The lease is comprised of approximately 200 net acres, and includes 36 existing wellbores that were drilled to the Navarro sands. A few of these wells are producing very small amounts of oil. The Company is in the process of checking each of these wellbores to attempt to determine their capabilities, if any.

The wells had combined total production for the fourth quarter of 2012 of approximately 160 barrels of oil. To date, work performed on the lease by the Company has been limited to deferred maintenance and basic remedial operations.

The Company owns an 87.5% working interest (65.625% net revenue interest) in the lease. The development plan for the lease includes the strategic deepening of certain of the wells along with the initiation of a "pressure maintenance" program. It is estimated that there may be up to 12 additional prospective well locations on the lease.

Clark Lease, Milam County, TX: In October 2012, the Company acquired a 45% working interest, (33.75% net revenue interest) in the Clark Lease, and, in order to test the Pecan Gap formation, participated with an industry partner in the drilling of the Clark #1 well to a depth of 2,000'. The well is currently being tested for completion. The lease is comprised of approximately 198 net acres, and is contiguous with the Company's 200-acre WT Pearson lease. It is estimated that up to 20 additional drilling locations may be available on the lease.

Pearson River Bottom Ranch Lease - Milam County, TX: In October 2012, the Company acquired a 45% working interest, (33.75% net revenue interest), in the Pearson River Bottom Ranch Lease, which consists of approximately 5 net acres. In order to test the Pecan Gap formation, the Company has participated with an industry partner in the drilling of the Pearson C1 well to a depth of 1,800'. The well is currently being tested for completion. The lease is contiguous with the Company's 200-acre WT Pearson lease.

High Island Block 19S Prospect: In October 2012, the Company entered into an agreement to participate with industry partners in the re-entry and reclamation of an orphan well in Jefferson County, TX. Allied's share of the first well is a 3.0% working interest (2.25% net revenue interest). The work on the first well is planned for the first quarter of 2013. The Company's participation also includes the first right to participate in any future wells on the entire 320-acre lease at up to a 10% working interest (7.5% net revenue interest).

North Constitution "Hooks" Prospect: In October 2012, the Company entered into an agreement to participate with industry partners in the drilling of a 14,500' well in Jefferson County, TX. The Company is participating with a 3.25% working interest, (2.4375% net revenue interest). Plans are to spud the well during the first quarter of 2013.

J.T. Fields-Berry Lease: In November 2012, the Company acquired an 87.5% working interest (65.625% net revenue interest) in the J.T. Fields-Berry Lease in Caldwell County, TX. The lease is comprised of approximately 36 net acres and includes 5 existing wellbores that were drilled, (during the 1980's), to a depth of approximately 2,100', to the Austin Chalk/Buda formations. One of the wellbores was completed and is currently a marginal oil producer at less than 1/2 BOD. The remaining four wellbores were cased by the previous operator, but have never been completed for production.

The plan for the development of the lease is to drill a new well, obtain fresh logs to determine the precise depth of any oil bearing formation(s), and then to treat and complete the new well plus the four existing (drilled but not completed) wells. In addition to the existing wells, there is an active saltwater disposal well located on the lease. It is calculated that there could be up to 7 additional prospective well locations on the lease.

Opal Gas Unit: In December 2012, the Company acquired a 100% working interest (74%-80% net revenue interest) in the Opal Gas Unit. The leases that comprise the Unit have one vertical well that produced 1 barrel of oil and 1703 MCF of natural gas in December 2012. The Unit is comprised of approximately 703.6 net acres, and is contiguous to the Company's 186-acre "Ragsdale" lease. It is estimated that the lease could accommodate up to 6 additional vertical wells, or 2 horizontal wells.

Rogers County, Oklahoma: The Company continues to evaluate all of the interests of the general partnerships for which the Company acts as managing general partner in Rogers County, OK. The Company is conducting a review of production and expense records to determine the financial condition of the partnerships and the status of each of the partnerships' wells, (a large majority of which may be non-commercial). Based upon the findings of the review, we expect to make specific recommendations either to 1) "shut-in" wells that might benefit by a future rebound in the market prices of gas, 2) plug and abandon wells deemed to be non-commercial, or 3) continue to operate wells that are profitable or may be candidates for enhancement procedures or re-engineering to improve production.

About Allied Energy:

Allied Energy, Inc. is engaged in the oil and gas exploration and development business, with operations located primarily in Texas, Oklahoma and Ohio. The Company sponsors oil & gas partnerships through which it raises funds for the drilling and development of oil & gas wells. The Company serves as managing general partner of the partnerships and often owns differing partnership interests in the partnerships and/or differing direct interests in the properties in which the partnerships participate.

The Company's subsidiaries include Allied Operating, LLC and Allied Operating, Texas, LLC, two operating companies that are used to manage the drilling, development and operations of the oil & gas drilling partnerships sponsored by the Company, as well as for other non-affiliated oil and gas companies that are joint interest owners in drilling activities owned primarily by partnerships sponsored by the Company. The Company is also majority owner of Allied Gas Transmission, Inc., which owns the pipeline system used to transmit production from gas wells located in Rogers County, Oklahoma to gas purchasers.

The Company's ultimate strategic focus is on the development of oil and natural gas production and reserves. The Company believes that its oil and natural gas development strategy will provide growth to the Company in the future. For more information: www.alliedenergy.com

Forward-Looking and Continuing Statements:

Certain statements in this release and the attached corporate profile that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks including but not limited to geological and geophysical risks inherent to the oil and gas industry, uncertainties and other factors that may cause the actual results, price of oil and natural gas, state of the economy, industry regulation, reliance upon expert recommendations and opinions, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to: (I) the Company's ability to obtain sufficient capital or strategic business arrangements to fund its drilling plans; (ii) the Company's ability to build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control, including but not limited to the strength of the overall economy; and (iv) other risk factors inherent to the oil and gas industry.

Contact:
Heather Age
Allied Energy, Inc.
2427 Russellville Road
Bowling Green, KY 42101
Phone: 866-256-5836
Fax: 800-251-9322
Website: http://www.alliedenergy.com
Email: [email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. In his session at @BigDataExpo, Jack Norris, Senior Vice President, Data and Applications at MapR Technologies, reviewed best practices to ...
"Digital transformation - what we knew about it in the past has been redefined. Automation is going to play such a huge role in that because the culture, the technology, and the business operations are being shifted now," stated Brian Boeggeman, VP of Alliances & Partnerships at Ayehu, in this SYS-CON.tv interview at 21st Cloud Expo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Synametrics Technologies will exhibit at SYS-CON's 22nd International Cloud Expo®, which will take place on June 5-7, 2018, at the Javits Center in New York, NY. Synametrics Technologies is a privately held company based in Plainsboro, New Jersey that has been providing solutions for the developer community since 1997. Based on the success of its initial product offerings such as WinSQL, Xeams, SynaMan and Syncrify, Synametrics continues to create and hone inn...
"Evatronix provides design services to companies that need to integrate the IoT technology in their products but they don't necessarily have the expertise, knowledge and design team to do so," explained Adam Morawiec, VP of Business Development at Evatronix, in this SYS-CON.tv interview at @ThingsExpo, held Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA.
The 22nd International Cloud Expo | 1st DXWorld Expo has announced that its Call for Papers is open. Cloud Expo | DXWorld Expo, to be held June 5-7, 2018, at the Javits Center in New York, NY, brings together Cloud Computing, Digital Transformation, Big Data, Internet of Things, DevOps, Machine Learning and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding busin...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, led attendees through the exciting evolution of the cloud. He looked at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering m...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
Recently, REAN Cloud built a digital concierge for a North Carolina hospital that had observed that most patient call button questions were repetitive. In addition, the paper-based process used to measure patient health metrics was laborious, not in real-time and sometimes error-prone. In their session at 21st Cloud Expo, Sean Finnerty, Executive Director, Practice Lead, Health Care & Life Science at REAN Cloud, and Dr. S.P.T. Krishnan, Principal Architect at REAN Cloud, discussed how they built...
SYS-CON Events announced today that Evatronix will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Evatronix SA offers comprehensive solutions in the design and implementation of electronic systems, in CAD / CAM deployment, and also is a designer and manufacturer of advanced 3D scanners for professional applications.
With tough new regulations coming to Europe on data privacy in May 2018, Calligo will explain why in reality the effect is global and transforms how you consider critical data. EU GDPR fundamentally rewrites the rules for cloud, Big Data and IoT. In his session at 21st Cloud Expo, Adam Ryan, Vice President and General Manager EMEA at Calligo, examined the regulations and provided insight on how it affects technology, challenges the established rules and will usher in new levels of diligence arou...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...
In his session at 21st Cloud Expo, Raju Shreewastava, founder of Big Data Trunk, provided a fun and simple way to introduce Machine Leaning to anyone and everyone. He solved a machine learning problem and demonstrated an easy way to be able to do machine learning without even coding. Raju Shreewastava is the founder of Big Data Trunk (www.BigDataTrunk.com), a Big Data Training and consulting firm with offices in the United States. He previously led the data warehouse/business intelligence and B...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
22nd International Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, and co-located with the 1st DXWorld Expo will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud ...
DevOps at Cloud Expo – being held June 5-7, 2018, at the Javits Center in New York, NY – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Among the proven benefits,...
@DevOpsSummit at Cloud Expo, taking place June 5-7, 2018, at the Javits Center in New York City, NY, is co-located with 22nd Cloud Expo | 1st DXWorld Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait...
Cloud Expo | DXWorld Expo have announced the conference tracks for Cloud Expo 2018. Cloud Expo will be held June 5-7, 2018, at the Javits Center in New York City, and November 6-8, 2018, at the Santa Clara Convention Center, Santa Clara, CA. Digital Transformation (DX) is a major focus with the introduction of DX Expo within the program. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive ov...
SYS-CON Events announced today that T-Mobile exhibited at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on qua...
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness. For more information, please visit https://www.cedexis.com.