Allied Energy, Inc. has acquired 10% working interest in the recently drilled Foust #3-9 well located in Pawnee County, Oklahoma.
The Foust #3-9 was drilled to a total depth of 3,000 +/- feet and encountered indications of oil and/or gas in at least 5 different reservoirs that have previously been proven productive in this area. The Foust #3-9 is currently in the completion process and is anticipated to establish commercial oil production in the next couple of weeks. Although all of the indications are positive, the process of completion involves risks and no assurances can be made that commercial production will be achieved.
"Based on the professional recommendations from multiple petroleum geologists and the impressive historical oil production in this area, we are confident in this acquisition and have participated in two additional wells to be drilled in the future," said Allied's President Steve Stengell.
