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
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of 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. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
Real IoT production deployments running at scale are collecting sensor data from hundreds / thousands / millions of devices. The goal is to take business-critical actions on the real-time data and find insights from stored datasets. In his session at @ThingsExpo, John Walicki, Watson IoT Developer Advocate at IBM Cloud, will provide a fast-paced developer journey that follows the IoT sensor data from generation, to edge gateway, to edge analytics, to encryption, to the IBM Bluemix cloud, to Wa...
There is huge complexity in implementing a successful digital business that requires efficient on-premise and cloud back-end infrastructure, IT and Internet of Things (IoT) data, analytics, Machine Learning, Artificial Intelligence (AI) and Digital Applications. In the data center alone, there are physical and virtual infrastructures, multiple operating systems, multiple applications and new and emerging business and technological paradigms such as cloud computing and XaaS. And then there are pe...
SYS-CON Events announced today that B2Cloud 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. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
DevOps at Cloud Expo – being held October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA – 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 r...
SYS-CON Events announced today that Massive Networks, that helps your business operate seamlessly with fast, reliable, and secure internet and network solutions, has been named "Exhibitor" of 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. As a premier telecommunications provider, Massive Networks is headquartered out of Louisville, Colorado. With years of experience under their belt, their team of...
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
SYS-CON Events announced today that Fusic will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Fusic Co. provides mocks as virtual IoT devices. You can customize mocks, and get any amount of data at any time in your test. For more information, visit https://fusic.co.jp/english/.
SYS-CON Events announced today that Ryobi Systems will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Ryobi Systems Co., Ltd., as an information service company, specialized in business support for local governments and medical industry. We are challenging to achive the precision farming with AI. For more information, visit http:...
SYS-CON Events announced today that Keisoku Research Consultant Co. will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Keisoku Research Consultant, Co. offers research and consulting in a wide range of civil engineering-related fields from information construction to preservation of cultural properties. For more information, vi...
SYS-CON Events announced today that Mobile Create USA will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Mobile Create USA Inc. is an MVNO-based business model that uses portable communication devices and cellular-based infrastructure in the development, sales, operation and mobile communications systems incorporating GPS capabi...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
SYS-CON Events announced today that Interface Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Interface Corporation is a company developing, manufacturing and marketing high quality and wide variety of industrial computers and interface modules such as PCIs and PCI express. For more information, visit http://www.i...
In his session at @ThingsExpo, Greg Gorman is the Director, IoT Developer Ecosystem, Watson IoT, will provide a short tutorial on Node-RED, a Node.js-based programming tool for wiring together hardware devices, APIs and online services in new and interesting ways. It provides a browser-based editor that makes it easy to wire together flows using a wide range of nodes in the palette that can be deployed to its runtime in a single-click. There is a large library of contributed nodes that help so...
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
SYS-CON Events announced today that mruby Forum will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. mruby is the lightweight implementation of the Ruby language. We introduce mruby and the mruby IoT framework that enhances development productivity. For more information, visit http://forum.mruby.org/.
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion 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. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.