Will The Rally Continue? Allied Energy (OTCMKTS:AGYP)

AGYP Issues Update To Shareholders. Work On Well Sites To Resume

Allied Energy (OTCMKTS:AGYP) stock continues to move higher for the second consecutive session following the company released recent rework activities as well as highlights to a work schedule that the Company believes will bring multiple wells online.

Market Reaction:

As of 9:50, AGYP stock moved up 3% to $0.2980 with more than 9K shares traded, compared to its average volume of 402k shares. AGYP stock has been gaining solid momentum since the beginning of the year with a jump of about 500%. The stock has been consolidating after the big rally and a break above 35 cents could trigger another technical breakout.

Major Trigger:

Allied Energy Corporation Begins Rework Activities At Their Two Lease Sites

• AGYP provided valued investors with our recent rework activities as well as highlights to a work schedule that the Company believes will bring multiple wells online.
• Beginning the week of June 14th, highlights to our work schedule include:
• On the GREEN LEASE – Dozier cleared wellsite location and built base pads for the new and much larger pumping units. Roustabout crew repaired tank battery facility for production
• On the GILMER LEASE • Roustabout and dozier on location. Clear flowline ROW’s and clear battery, clear roads to wells. • Clear well locations for workover rigs. • Begin flowline installation to production battery from wells.
• The Company will provide updated on their corporate website and/or the corporate Twitter page of the aforementioned activities and plans as progress is made.

Key Quotes from the CEO – George Montieth:

“I am pleased to inform our stakeholders that we have work crews scheduled at both the Green Lease site and the Annie Gilmer Lease site. Everyone is anxious to make up for the time we lost due to heavy rains in North Texas. The ground has finally dried out, and we can easily and safely move equipment onto and around the lease sites. Below are highlights of the work schedule that Curtis has created to get us back on schedule.”