CARROLLTON, TX / ACCESSWIRE / September 20, 2023 / Allied Energy Corp (OTC:AGYP), an innovative oil and gas production company specializing in leasing and optimization of hydrocarbon reserves within the prolific United States energy landscape, is thrilled to announce a landmark Memorandum of Understanding (MOU) with Enegix Global (Enegix), a renowned UAE-based Bitcoin mining and data-center enterprise, and AA Group, a Kazakhstan-based Bitcoin mining investor and facilitator.
Enegix began operations in 2017 and quickly became one of the world's most prominent and experienced Bitcoin infrastructure operators. Its flagship facility is the sprawling 50,000 square foot, 180-megawatt data center in the heart of Kazakhstan that consists of eight third generation hangars designed by company's own technical engineering team. Enegix track record of success with recognized Bitcoin mining industry players reflects its commitment to delivering optimal engineering solutions for highly efficient crypto mining: View the technical tour of the Enegix 180 MW facility.
AA Group positions itself as an investor and facilitator that brings together international Bitcoin miners and US-based mining operators and power providers, drawing on its extensive knowledge of global markets and prominence of the United States as a premier destination for major crypto mining companies.
Under the terms of the signed MOU, Allied Energy Corporation and River Energy Group, LLC, (Allied/River), AA Group, and Enegix are embarking on an exciting project to build Bitcoin mining facilities at Allied's natural gas sites. Participants aim to jump-start digital mining by leveraging climate-friendly power generation technologies of using stranded and flare gas to create ample electricity. Through this strategic partnership with Allied/River, Enegix plans to grow and expand its capacity in the USA up to 200 megawatts and apply its proprietary miner-cooling technology well suited for the Texas climate.
George Montieth, CEO of Allied Energy Corporation, expressed his enthusiasm for the partnership, stating, "In my discussions with Enegix over the past six months, one thing has become abundantly clear: Enegix is a significant player in the Bitcoin space. Their vision aligns perfectly with the ethos of Texas, where everything is grand. I'm exhilarated to formalize our collaboration with a company that has already demonstrated its mettle with a 180-megawatt facility and plays a pivotal role in the expanding realm of Bitcoin mining. I firmly believe that through Allied's expertise and resources, we will pave the way for Enegix to replicate its immense success on this side of the Atlantic."
Yerbolsyn Sarsenov, CEO of Enegix Global, added, "This partnership will enable us to apply our digital mining expertise in North America, with a significant twist: our data centers will be powered using stranded and flared gas, thus reducing greenhouse gas emissions for crypto mining. We stand to lead Bitcoin mining's pivot to sustainable energy models and are pleased to find a competent and professional partner in Allied and River to help us achieve these goals in the US. We hope this MOU marks the beginning of a long and prosperous collaboration between our organizations."
As a testament to their commitment, the MOU outlines that Enegix will provide a surety bond to Allied Energy Corporation and River Energy Group, LLC, serving as a guarantee of Enegix's unwavering dedication to fulfilling the terms of the MOU.
A spokesperson for River Energy Group, LLC added, "We have worked diligently with Allied Energy Corporation and Enegix Global to bring this latest accomplishment to fruition and we are confident in the combined efforts of the parties to bring this online.
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.
Allied Energy Corporation
Allied Energy Corp.
SOURCE: Allied Energy Corporation
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