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Amazing Energy Announces Operational Update and Drilling Program on Pecos County Project

WWJD #28 Well Location Selected; Spud Scheduled for Late July

AMARILLO, TX / ACCESSWIRE / May 14, 2018 / Amazing Energy Oil and Gas Co. (AMAZ) ("Amazing," "Amazing Energy," or the "Company") today announced a scheduled chemical squeeze program around the outer perimeter of Section 91 where the Company previously initiated drilling, completion and production operations. The program is scheduled to begin within the next two weeks. The chemical squeeze program should allow for improved fluid entry on existing wells targeting the Queen formation.

The Company has completed the stimulation of the WWJD #7 well using the scientific data captured on the successful WWJD #23 well. Initial production testing has begun into the surface production facilities after the frac was successfully delivered with sufficient pressure breakdowns and preserved wellbore and formation integration.

Completion on the WWJD #27 well is scheduled to begin mid to late June targeting the Queen A and B with the goal of drilling horizontally to achieve several hundred feet of continuous contact, thereby reducing well costs and potentially allowing the well to consistently produce better daily production and more ultimate recoverable reserves.

Analysis of the Rock Vision logs of the recently drilled WWJD #31 well continues and management is optimistic of the recovery potential from the San Andreas formation. Secondary recovery efforts continue to be evaluated given that successful operations in the surrounding fields targeting the Queen formation in the Permian Basin.

The Company has surveyed, staked, permitted and built the location for the WWJD #28 well. This well is scheduled to spud in late July and satisfies the Company's lease terms to maintain the leasehold.

''Operational activity is on pace and we are very encouraged by the results we are seeing across the board,'' stated Will McAndrew, Amazing's CEO. ''We are excited to report recent results and future plans to the street as we meet expectations previously set and outline what we are doing now to move our growth initiative forward. Transparency and consistency in communication are an important part of Amazing's plan and combined with effective execution on operations have set our value proposition in motion.''

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: dgradwell@mzgroup.us
Web: www.mzgroup.us

SOURCE: Amazing Energy Oil and Gas Co.