Allied Energy Corp (OTC:AGYP) has been having a great year. Reaping the fruits of its labor, good news has been raining down on AGYP for the past couple of months. From the oil prices surging, to approaching oil production at its Green Lease site, and increasing a whopping 500% in value since the beginning of the year. As we close in on the end of 2021, AGYP is looking at what could be its best year to date. With upcoming catalysts and updates on the horizon, investors are bullish about what the next few months have in store for the for what could be one of the best oil stocks to buy.
As of October 6th, AGYP officially announced its latest acquisition of the 325 acre Prometheus Lease located in Garza County, Texas. The Prometheus Lease site has numerous oil producing wells. One that has caught the attention of AGYP is the 28 Unit Well 1H. This well was producing around 300,000 cubic feet of natural gas and 200 barrels of oil per day.
The prominent AGYP CEO, George Montieth, had this to say about the latest acquisition “There are multiple wells included in the Prometheus Lease, one of which is currently producing about 60 barrels per day. But of utmost initial importance for Allied is bringing the Prometheus 1H Well back online. When this well was originally tested and submitted to the Texas railroad commission by Apache Corporation in 2014, their report showed 335 barrels produced per day along with 298,000 cubic feet of natural gas per day with 2557 barrels of flow back and formation water. Allied plans to use modern technology and skilled personnel to try to match and perhaps even surpass these numbers. AGYP investors can expect updates to come soon as the operations begin at the new site.
With a senior management consisting of professionals who have spent most of their careers in the oil and gas industry, AGYP has been doing a fantastic job with its other sites as well. According to reports, the Annie Gilmer site is expected to have 80,400 “probable” barrels of oil and 135,500 “possible” barrels of oil. While the Green Lease site is believed to have 229,400 “probable” barrels of oil and 448,000 “possible” barrels of oil. With these potential assets in mind, AGYP is looking like one of the best oil stocks to buy at the moment.
@BCNstocks – a big believer and long term holder of AGYP – is using these dips to accumulate shares.
Currently on a dip turnaround and trading at $.35. AGYP’s primary support lies at .3399, with a secondary support at .3316. The accumulation is currently on an uptrend, while the MACD recently witnessed a bearish crossover. AGYP’s RSI now sits at 51.57.
Should You Buy?
AGYP has been on a fast track to more business success and expansion this year. Now, with the addition of its Prometheus Lease site to complement its existing sites, AGYP seems to be only adding to its potential. Domestic oil production companies are definitely moving towards center stage as tensions grow between the US government and OPEC+. With this in mind, AGYP looks like it’s positioning itself as one of the best oil stocks to buy.
With a $21,621,410 market cap, and 300 million authorized shares, AGYP’s stock is currently trading at $.35. Considering the company’s latest and upcoming catalysts the stock could climb up to $.4 on news from the Prometheus site.
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