AMARILLO, TX / ACCESSWIRE / March 5, 2018 / Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) ("Amazing," "Amazing Energy," or "the Company") today announced the completion of a multi-stage frac on the Company's WWJD #23 Well in the Queen Formation A and B benches. Amazing Energy has begun the flowback and cleanup process, preparing the well for production and initially tested a 5 barrel of oil per hour measurement with 98% oil cut and the presence of natural gas. This would equate to 120 plus BOEPD (barrels of oil equivalent per day).
The WWJD #23 well is a vertical test drilled to a total depth of 1,994 feet and located on the western portion of the Company's rights within their 70,000 leasehold. The Company delivered its first ever multi-stage frac over 20 feet of the 44-foot tested Queen A formation and 10 feet of the 26-foot Queen B. Both sections were perforated with 3 shots per foot. The Company plans to produce the WWJD #23 in the 50 boe/d range while testing flow rates, oil, gas, and water cuts. This is a conservative approach to producing and will allow for the maximum ultimate recovery of oil and gas in the well and be applied to the 22 existing wells in the Queen A and B formations within the Company's property.
"We are extremely encouraged by the results of our frac completion on the WWJD #23," stated Willard G. McAndrew, III, Amazing's CEO. "The well has virgin pressure and is free flowing on a 16/64th inch choke from the Queen A zone until we bring the Queen B on later. Not only does this well move the Company forward in-line with our stated development and production program goals but it is delivering impactful results as a revenue-producing science well. The value of the scientific data gathered here is of paramount importance and validating our investment thesis with cash flow is a huge win. Additionally, our lifting costs are below $10 per barrel. This further allows our Joint Venture partners to consummate their participation and future drilling opportunities."
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, as well as Mid-Continent leaseholds in Kansas. The Company primarily engages in the acquisition and exploitation of oil and natural gas properties with 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.
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SOURCE: Amazing Energy Oil and Gas Co.