How can reworking existing oil and gas wells work in a tight energy market? This company’s approach is move fast to bring more wells online.
Allied Energy Corp (OTCPK:AGYP) specializes in reworking and recompleting existing oil and gas wells in the most prolific hydrocarbon areas of the U.S. After some delays, crews are back at work at two major sites to bring multiple wells online.
Instead of developing a new strike which could take two to three years, Allied’s niche provides oil to a supply-constrained market in a much shorter timeframe.
Shares spiked in February, and were up almost 3% in early afternoon trade.
