Allied Energy Corporation Signs Partnership Agreement on Green Lease Project
ALLIED ENERGY CORP (AGYP)
Company Research
Source: GlobeNewswire
CARROLLTON, Texas, March 07, 2024 (GLOBE NEWSWIRE) -- Allied Energy Corporation (OTC: AGYP) is delighted to announce the formalization of a Partnership Agreement with Petroloro LLC and ORO Energy LLC, collectively known as P&O Energy, to advance the Green Lease project. Under this Partnership Agreement, P&O Energy will undertake the operation of the Project by initiating a comprehensive workover program on the M1 and X3 Wells. The objective of this workover is to optimize production from these Wells to their full potential. P&O Energy assumes sole responsibility for the expenses associated with the workover, and revenues generated will be equitably split on a 50/50 basis. Additionally, the Partnership Agreement outlines the development of further Wells within the Project area. P&O Energy has committed to drilling two additional Wells in the year 2024. The initial drilling location has been identified, and pending the successful acquisition of permits, Allied Energy will transfer t
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