Allied Energy Corp (OTC: AGYP), a producing oil and gas company focused on the leasing and reworking of oil and gas reserves in one of the most prolific hydrocarbon area in the United States, is pleased to provide a shareholder update regarding the Company's activities partnering with Enerhash USA at the Thiel Well site in an effort to begin flare gas bitcoin mining.
On April 26th, CEO George Monteith of Allied Energy received a revised field build out report distributed by Enerhash's personal.
Due to circumstances beyond the Company's control, initial target dates for the Thiel site had to be adjusted. At this time the Company is confident that all challenges have been overcome regarding the initial delays. The Company is pleased with the revised timeline and is thankful to report that thus far everything is proceeding according to plan. To date the following work has been completed:
Operating permits - completed
Site survey - completed
Site planning - completed
Elevation study - completed
Contractor proposal for site buildout - completed
Allied will update their shareholders as further developments occur with press releases and media updates on Twitter.
The initial Thiel project, if all goes as planned, is expected to take 8-10 weeks to complete. The generators and data centers will be located 150 feet south of the wellhead. A meter run will be installed just north of the generator pad. The existing water tank will be reused for discharge from the separator. The elevated pad will be constructed of compacted engineered fill to support generator weights up to 60,000 lbs. per generator and 20,000 lbs. per data center. A reinforced concrete pad will be constructed on top of the compacted engineered fill to support the generator / generators. The contractor will provide two 3-inch electrical conduits with sweeping connections from the generators to each data center pad.
Allied CEO George Monteith commented: "The Thiel is the first location where Allied will establish a bitcoin mining footprint in partnership with Enerhash. At this time, we believe that the Thiel site will be a 3-megawatt center and power three containers of bitcoin mining equipment. As per our last release investors / current shareholders can see that we are laying a broader foundation of gas well resources through our new partnership with Sloan Petroleum. Ultimately, we are focused on completing the initial 20-megawatt project with Enerhash to then set our sights toward completion of the 100-megawatt project. I am appreciative of all the hard work my team has given, we have a detailed plan and the resources to make it happen, now it is time to make the push toward mining digital currency."
Enerhash is an energy technology and digital infrastructure development company founded by European energy experts in 2019. Enerhash has developed projects on three continents providing renewable energy optimization and grid balancing services including New Zealand, Sweden, Hungary and now they are entering into the USA.
Enerhash USA will align with energy producers as a solution to help alleviate harmful methane emissions caused by production. These solutions will monetize wasted natural gas resources to reduce emissions by eliminating routine flaring to reach ESG goals and unlock the value from stranded resources. To discover more about Enerhash USA, visit their corporate website at www.enerhashusa.com.
Allied Energy Corp. is an energy development and production company acquiring oil & gas reserves in some of the most prolific hydrocarbon bearing regions of the United States. The Company specializes in the business of reworking & re-completing 'existing' oil & gas wells located in the thousands of mature oil & gas producing fields across the United States. The Company applies its knowledge, experience, and effective well-remediation technologies to achieve higher production volumes, longer well life, and more efficient recovery of the proven and available oil and gas reserves in the fields/projects in which it has acquired an ownership interest. The Company will utilize updated technologies such as hydraulic fracturing ("fracking"), drilling of lateral ("horizontal") legs in productive zones, and utilizing new cased hole electric logging to locate bypassed pays, all to enhance daily rates and oil & gas recoveries. By acquiring interests in a growing number of selected projects in various regions, Allied Energy Corp. is diversifying its exposure and effectively minimizing risk as it pursues corporate growth, top line & bottom-line revenues to the benefit of all stakeholders. There are proven, recoverable reserves contained in the many aging oil & gas fields that have been bypassed by companies moving away from these fields in search of deeper, more plentiful, but more costly reserves. The Company plans to concentrate on bypassed oil and gas as there is less competition and, as mentioned above, the costs are considerably less. Additionally, the company will acquire interests in marginal wells that can be acquired at minimal cost, of which there are 420,000 wells in the U.S. Quoting Barry Russell, President of the Independent Petroleum Association of America ("IPAA") - "With approximately 20 percent of American oil production and 10 percent of American natural gas production coming from marginal wells, they are America's true strategic petroleum reserve."
Safe Harbor Statement:
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this Press Release, including such forward-looking statements.
Allied Energy Corporation
Enerhash USA LLC
Allied Energy Corporation
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