AMARILLO, TX / ACCESSWIRE / April 25, 2018 / Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) ("Amazing," "Amazing Energy," or the "Company") today announced it has reached a production milestone of 100+ boe/d (barrels of oil equivalent per day) in April 2018. Amazing Energy is active in Pecos County Texas, on the Central Basin Platform, which is in the Permian Basin.
Will McAndrew, CEO of Amazing Energy stated that, "We are very excited with the progress of our production as we continue to perform reworks, completions and our drilling program, announced in January 2018." "We have an aggressive oil and gas exploration and production plan within defined sections of our 70,000-acre focus area. We expect to spud a new well within the next 90 days and build on our recent success while expanding our knowledge and production of the Queen A and B and other formations. With the results from our most recent well, we are now looking closely at potential production from drilling horizontal wells in the San Andres formation utilizing the data from Haliburton's new RockVision logs."
The Company has accomplished increased drilling efficiencies with each new well and expects the trend to strengthen in the coming year as the play matures. Further innovation using the latest drilling techniques are expected to decrease operational costs as production increases. The Company expects to drill and complete or re-work three additional wells per month by the end of the third quarter of 2018.
About Amazing Energy Oil and Gas:
Amazing Energy Oil and Gas, Co. is an independent oil and gas exploration and production company based in Amarillo, TX. The Company operates leaseholds in the Permian Basin of West Texas, where it has rights within a 70,000-acre leasehold in Pecos County, TX. The Company primarily engages in the acquisition and exploitation of oil and natural gas properties with a focus on well-defined plays containing stacked pay zones. More information may be found on Amazing Energy's website at www.amazingenergy.com.
Notice Regarding Forward-Looking Statements:
This news release contains forward-looking information including statements that include the words "believes," "expects," "anticipate," or similar expressions. Such forward looking-statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof. Information concerning these and other factors can be found in the Company's filings with the SEC, including its Forms 10-K, 10-Q, and 8-K, which can be obtained on the SEC's website at http://www.sec.gov.
Investor Relations Contact:
Derek Gradwell
MZ Group
SVP Natural Resources
Phone: 512-270-6990
Email: [email protected]
Web: www.mzgroup.us
SOURCE: Amazing Energy Oil and Gas Co.