CARROLLTON, TX / ACCESSWIRE / November 30, 2022 / Allied Energy Corp (OTC PINK: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 areas in the United States, is pleased to announce the signing of an MOU with Enerhash USA LLC and River Energy Group LLC.
Allied Energy Corporation and River Energy Group LLC, known together as "Allied-River," signed a Memorandum of Understanding with Enerhash USA LLC, "Enerhash USA". The companies will work together on the feasibility and analysis for developing solutions to utilize stranded and flare gas resources in the USA for Bitcoin mining and High Performance Computing data centers. This MOU sets the path towards building a long-term strong relationship between the Parties.
The initial 1 MW (300 mcf) site is the first phase of the 20 MW development project. Allied-River and Enerhash will be working on expanding their operational footprint to 100 MW rapidly.
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.
Tamas Seregi the Chairman of the Board of Enerhash has over 25 years of management consulting experience at companies such as Boston Consulting Group and Schlumberger Business Consulting, working with numerous energy companies worldwide to address strategic, organizational and operational challenges. Tamas commented on the deal:
"As a former Schlumberger executive I've had the chance to witness the value small independent producers bring to the industry by pragmatically embracing innovation. Today we all see what the shale revolution has brought to us resulting in a dramatic shift in the U.S. oil and gas industry and sending shockwaves across the globe. It all started right here in Texas by combining two well-established technologies at scale; horizontal drilling and fracking. Together we are looking forward to becoming drivers of the Flare Revolution by leveraging hyper computing to address methane management scaling up across Texas and beyond."
After months of due diligence and strategy meetings both Allied-River and Enerhash USA are confident that this MOU will serve as the foundation to finalize a "Definitive Agreement" between the Parties for off-grid and/or micro-grid Bitcoin mining in the USA. The initial project between the companies focuses on setting up leading edge electrical generation equipment and data centers at stranded natural gas wells to integrate carbon capture and emission control systems in the framework of a research and development project.
Allied-River and Enerhash USA are working together on the design and engineering of the site's layout with the related gas treatment facilities, power generation infrastructure and deployment of data centers.
Brian Sanders the Managing Partner of Enerhash USA commented: "Our goal is to purposely embed in the DNA of every project a solution that charts the path towards impacting critical environmental, social, and governance (ESG) factors in the energy industry."
Allied CEO George Monteith commented: "It is an honor that Enerhash USA chose to partner with Allied. I am thrilled at the progress we've made through the signing of this MOU and have a great deal of respect for their entire team and their vision for creating micro-grid power sources. Over the past several months Allied has signed joint-venture agreements with strategic companies that can procure oil and gas properties that fit specific metrics, and finance large-scale projects. With the signing of this MOU with Enerhash USA I am confident that we have the right and necessary puzzle pieces fitting together. We now move forward to begin new business endeavors that release the profitability of untapped resources in an environmentally friendly way."
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.
SOURCE: Allied Energy Corporation
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