Welcome!

Microsoft Cloud Authors: David H Deans, Liz McMillan, Pat Romanski, Janakiram MSV, Jnan Dash

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.

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
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), will provide an overview of various initiatives to certifiy the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldw...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit 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. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 20th Cloud Expo, which will take place on June 6-8, 2017 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 add...
What sort of WebRTC based applications can we expect to see over the next year and beyond? One way to predict development trends is to see what sorts of applications startups are building. In his session at @ThingsExpo, Arin Sime, founder of WebRTC.ventures, will discuss the current and likely future trends in WebRTC application development based on real requests for custom applications from real customers, as well as other public sources of information,
SYS-CON Events announced today that Telecom Reseller has been named “Media Sponsor” of 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. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
SYS-CON Events announced today that Loom Systems will exhibit 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. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
SYS-CON Events announced today that Cloudistics, an on-premises cloud computing company, has been named “Bronze Sponsor” of 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. Cloudistics delivers a complete public cloud experience with composable on-premises infrastructures to medium and large enterprises. Its software-defined technology natively converges network, storage, compute, virtualization, and management into a ...
SYS-CON Events announced today that T-Mobile will exhibit 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 ...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of 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, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that Infranics will exhibit 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. Since 2000, Infranics has developed SysMaster Suite, which is required for the stable and efficient management of ICT infrastructure. The ICT management solution developed and provided by Infranics continues to add intelligence to the ICT infrastructure through the IMC (Infra Management Cycle) based on mathemat...
Now that the world has connected “things,” we need to build these devices as truly intelligent in order to create instantaneous and precise results. This means you have to do as much of the processing at the point of entry as you can: at the edge. The killer use cases for IoT are becoming manifest through AI engines on edge devices. An autonomous car has this dual edge/cloud analytics model, producing precise, real-time results. In his session at @ThingsExpo, John Crupi, Vice President and Eng...
In the enterprise today, connected IoT devices are everywhere – both inside and outside corporate environments. The need to identify, manage, control and secure a quickly growing web of connections and outside devices is making the already challenging task of security even more important, and onerous. In his session at @ThingsExpo, Rich Boyer, CISO and Chief Architect for Security at NTT i3, will discuss new ways of thinking and the approaches needed to address the emerging challenges of securit...
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, will posit that disruption is inevitable for c...
There are 66 million network cameras capturing terabytes of data. How did factories in Japan improve physical security at the facilities and improve employee productivity? Edge Computing reduces possible kilobytes of data collected per second to only a few kilobytes of data transmitted to the public cloud every day. Data is aggregated and analyzed close to sensors so only intelligent results need to be transmitted to the cloud. Non-essential data is recycled to optimize storage.
As businesses adopt functionalities in cloud computing, it’s imperative that IT operations consistently ensure cloud systems work correctly – all of the time, and to their best capabilities. In his session at @BigDataExpo, Bernd Harzog, CEO and founder of OpsDataStore, will present an industry answer to the common question, “Are you running IT operations as efficiently and as cost effectively as you need to?” He will expound on the industry issues he frequently came up against as an analyst, and...
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Microservices are a very exciting architectural approach that many organizations are looking to as a way to accelerate innovation. Microservices promise to allow teams to move away from monolithic "ball of mud" systems, but the reality is that, in the vast majority of organizations, different projects and technologies will continue to be developed at different speeds. How to handle the dependencies between these disparate systems with different iteration cycles? Consider the "canoncial problem" ...
SYS-CON Events announced today that HTBase will exhibit 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. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...