Carrollton, Texas, May 05, 2022 (GLOBE NEWSWIRE) -- 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 that the Company has recently executed documents to retire 2,480,000 unrestricted common shares of AGYP stock. This retirement represents a 4% reduction in the authorized shares of the company.

Confirmation of this retirement will reflect on the OTCMarkets' "Security Details" tab and specifically the "Outstanding Shares", "Unrestricted" and "Held at DTC" sections will be reduced by 2,480,000. The company's Transfer Agent VStock will facilitate the retirement of the shares. The company will continue to update shareholders regarding share structure changes.

Allied CEO George Montieth commented: "On February 24, 2022, I told the investing public my aim was to reduce the number of shares and I am now beginning that process. Allied's share structure has remained unchanged for over a year, and I've recently made strategic moves to effect a reduction in our outstanding shares. I believe in increasing shareholder value and have the best interest of our stakeholders in mind. Continue monitoring OTCMarkets for updates on our share structure reduction. Regarding our increasing oil production, I'll have more updates from the oil fields, soon. Business development continues in earnest."

The Company invites any and all interested parties to check back regularly at and the corporate Twitter account

About AGYP: 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.

Contact: Allied Energy Corporation
Phone: 972-632-2393
Email: info@alliedengycorp.com
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