Carrollton, Texas, Oct. 19, 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 a strategic joint venture alliance with WalkerGreen Tech LLC, ("WGT"), a private company formed to pursue acquisition and development opportunities within the Energy Sector.
WGT was formed by Ladda C. Walker in 2016 to pursue targeted strategic opportunities in the energy sector, leveraging her decades of experience in related finance, government, and global real estate and project development. While initially focused on technology integration that includes, LED lighting, solar technology, and control systems, WGT has expanded into bitcoin mining and other sustainable energy growth areas within the new digital economy. WGT has teamed with property owners and developers, crypto-miners, and investors who assist WGT in developing a full understanding of a client’s energy needs and current infrastructure assessments in order to optimize holistic energy and power solutions for specific projects.
In the cases where WGT is called upon by a client or partner to provide a localized, off-grid power solution, WGT researches the requisite power requirements and design parameters, and then engineers a customized set of energy solutions that will provide continuous, resilient power within dependable, stand-alone ‘microgrids.’ These are a small, self-contained power supply grids generating and distributing electric power through their own transmission systems, which can then be used to power a data center or bitcoin mining operation, for example. Microgrids are also independent of both regional electric company constraints and government regulations concerning power consumption.
Allied Energy's deep experience in natural gas resources development has helped them to successfully secure targeted stranded gas and flared natural gas wells for beta testing of bitcoin mining with WGT for a 3-month period. After the beta test, full implementation is planned, with optimal technological and operational strategies designed to reduce grid “congestion” and ensure low-cost distributed electrical generation through the more environmentally friendly use of flare-off gas. The end goal being a fully operational "microgrid" cryptocurrency mining facility at each targeted well site.
WalkerGreen Tech CEO, Ladda C. Walker, commented on the news: "By entering into the joint-venture agreement with Allied Energy and River Energy Group, LLC, WGT sees the new way to not only lower emissions but to monetize stranded natural gas and perfect solutions for the cryptocurrency industry."
Allied CEO George Monteith commented on the news: "I'm thrilled to announce that Ladda and WalkerGreen Tech are coming together with Allied to form a much more formidable team of talent to leverage our oil and gas resources. These individuals now connected to Allied are industry leaders and have all indicated to me that they are committed to helping Allied become fully integrated into the block chain / bitcoin side of the energy sector.”
Concurrent with this news today, WGT also announced the appointment of two new members to its Board of Advisors, G. Christom Larsin and Ala F. Al Senusi.
G. Christom Larsin is the Founder and CEO of the Washington Company, a diversified corporate strategy and global financial advisory firm based in Washington, DC. Mr. Larsin has over 25 years of C-suite experience and has served as a co-founder or principal for over a dozen innovative companies, and as a global strategic advisor to many more. Mr. Larsin earned his Bachelor of Arts degree in American Studies from Trinity College in Hartford, Connecticut, and has done graduate finance work at Johns Hopkins University in Washington, DC.
Mr. Larsin also serves as the fundamental crypto strategist for Alpha Horizon Fund Management, a cryptocurrency hedge fund based in Chicago, IL. He is a Managing Director of their Alpha Horizon Cryptocurrency Fund-I, LP, an investment platform that is designed to capture long-term value from key cryptocurrency projects. He also advises several other global entities and blockchain-related projects on their digital ecosystems and market strategies.
Ala F. Al Senusi has 25 years of experience as an oil and gas trading advisor to major companies in the USA, Europe, North Africa and Gulf countries. For the past 10 years, he has served as a principal advisor for structuring international finance projects with duties that include securing investment funding, arranging lines of credits and implementing SBLCs for transactions. Mr. Senusi earned his MBA from the Lundquist College of Business at the University of Oregon.
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.”
About WGT: Walker Green Tech is a leading-edge sustainable energy solutions company, with a suite of green energy technologies and a particular focus area of off-grid sustainable ‘micro-grid’ power, which can be used for data centers, crypto-mining and other uses where green energy dependability and resiliency are critical. Walker Green Tech, LLC was founded by Ladda Chang Walker in 2016, and she has devoted the last 6 years to assimilating the various global resources in the international energy sector for WGT that will support its long-term growth. Her 25 years of global experience across oil & gas, clean energy, the international energy infrastructure sectors, provide WGT with the optimal foundation for expansion into microgrid development and crypto-mining operations. Ladda's sterling reputation within her respective industries along with the numerous invaluable contacts she has accumulated along the way in the energy sector and finance arena continue to play a significant role in WGT’s development.
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.