|By Marketwired .||
|January 28, 2013 08:28 PM EST||
BOWLING GREEN, KY -- (Marketwire) -- 01/28/13 -- Allied Energy, Inc. ("Company") (PINKSHEETS: AGGI) today announced updates relating to its operations.
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.
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.
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.
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.
To many people, IoT is a buzzword whose value is not understood. Many people think IoT is all about wearables and home automation. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed some incredible game-changing use cases and how they are transforming industries like agriculture, manufacturing, health care, and smart cities. He will discuss cool technologies like smart dust, robotics, smart labels, and much more. Prepare to be blown away with a glimpse of the future.
Jul. 1, 2015 11:30 AM EDT Reads: 694
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society-changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his session at @ThingsExpo, Jason Mondanaro, Director, Product Management at Metanga, discussed how you can plan to cooperate, partner, and form lasting all-star teams to change the world and it starts with business models and monetization strategies.
Jul. 1, 2015 11:30 AM EDT Reads: 2,213
"We have a tagline - "Power in the API Economy." What that means is everything that is built in applications and connected applications is done through APIs," explained Roberto Medrano, Executive Vice President at Akana, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Jul. 1, 2015 11:00 AM EDT Reads: 412
Internet of Things is moving from being a hype to a reality. Experts estimate that internet connected cars will grow to 152 million, while over 100 million internet connected wireless light bulbs and lamps will be operational by 2020. These and many other intriguing statistics highlight the importance of Internet powered devices and how market penetration is going to multiply many times over in the next few years.
Jul. 1, 2015 10:30 AM EDT Reads: 2,097
Internet of Things (IoT) will be a hybrid ecosystem of diverse devices and sensors collaborating with operational and enterprise systems to create the next big application. In their session at @ThingsExpo, Bramh Gupta, founder and CEO of robomq.io, and Fred Yatzeck, principal architect leading product development at robomq.io, discussed how choosing the right middleware and integration strategy from the get-go will enable IoT solution developers to adapt and grow with the industry, while at the same time reduce Time to Market (TTM) by using plug and play capabilities offered by a robust IoT ...
Jul. 1, 2015 09:45 AM EDT Reads: 1,912
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, will explore the IoT cloud-based platform technologies driving this change including privacy controls, data transparency and integration of real time context wi...
Jul. 1, 2015 08:00 AM EDT Reads: 830
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jun. 30, 2015 09:45 AM EDT Reads: 945
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
Jun. 29, 2015 12:15 PM EDT Reads: 2,679
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
Jun. 29, 2015 11:00 AM EDT Reads: 2,182
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists will addresses this very serious issue of profound change in the industry.
Jun. 29, 2015 09:45 AM EDT Reads: 2,524
Business as usual for IT is evolving into a "Make or Buy" decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud business applications and services across multiple cloud delivery models.
Jun. 28, 2015 11:00 AM EDT Reads: 2,226
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.
Jun. 27, 2015 10:00 AM EDT Reads: 2,252
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud environment, and we must architect and code accordingly. At the very least, you'll have no problem fillin...
Jun. 26, 2015 12:00 PM EDT Reads: 2,235
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jun. 26, 2015 10:00 AM EDT Reads: 2,116
Converging digital disruptions is creating a major sea change - Cisco calls this the Internet of Everything (IoE). IoE is the network connection of People, Process, Data and Things, fueled by Cloud, Mobile, Social, Analytics and Security, and it represents a $19Trillion value-at-stake over the next 10 years. In her keynote at @ThingsExpo, Manjula Talreja, VP of Cisco Consulting Services, discussed IoE and the enormous opportunities it provides to public and private firms alike. She will share what businesses must do to thrive in the IoE economy, citing examples from several industry sectors.
Jun. 25, 2015 02:00 PM EDT Reads: 2,032
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
Jun. 25, 2015 01:30 PM EDT Reads: 2,184
SYS-CON Events announced today that the "Second Containers & Microservices Conference" will take place November 3-5, 2015, at the Santa Clara Convention Center, Santa Clara, CA, and the “Third Containers & Microservices Conference” will take place June 7-9, 2016, at Javits Center in New York City. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Jun. 22, 2015 02:15 PM EDT Reads: 2,816
SYS-CON Events announced today that the "First Containers & Microservices Conference" will take place June 9-11, 2015, at the Javits Center in New York City. The “Second Containers & Microservices Conference” will take place November 3-5, 2015, at Santa Clara Convention Center, Santa Clara, CA. Containers and microservices have become topics of intense interest throughout the cloud developer and enterprise IT communities.
Jun. 20, 2015 12:00 PM EDT Reads: 3,893
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
Jun. 15, 2015 08:45 PM EDT Reads: 4,136
17th Cloud Expo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, 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 strategy. Meanwhile, 94% of enterprises are using some form of XaaS – software, platform, and infrastructure as a service.
Jun. 15, 2015 07:15 PM EDT Reads: 3,915