AMARILLO, TX / ACCESSWIRE / January 3, 2018 / Amazing Energy Oil and Gas Co. (AMAZ) ("Amazing," "Amazing Energy," or the "Company") today provided a corporate update regarding financing activities and use of proceeds. The Company is pleased to announce that it has satisfied outstanding debt obligations and has begun operational activities including completion of fourteen existing wellbores (seven DUCS and seven recompletions) and drilling of one new well previously announced and planned for the first quarter of 2018.
The company plans to complete seven previously drilled wells that have never been completed and re-complete an additional seven wells in the Queen A and B zones. The previously announced WWJD #23 well in Pecos County will be included in the project queue that is scheduled to begin on January 8, 2018. In combination with completion activities, Amazing Energy will drill the WWJD #30 well at its Pecos County project beginning in February. The well will target the Queen A and B, Grayburg and San Andreas formations. The drilling of the #30 exemplifies management's goal to prove out the Pecos County asset and periodically increase production while improving science work with cores, Drill Stem Test and a full suite of logs including a sonic log. This data will be analyzed for secondary recovery, horizontal activities and 3-D Seismic for future development.
"We are very excited to have completed our recent capital raise which was oversubscribed and for a total of $2.5 million," stated Will McAndrew, Amazing's CEO. "The funds were used to clean up our balance sheet and provide operation capital. Additionally, we are underway operationally with a full court press on fifteen wells and have expanded our scientific team relationships. We look forward to proving up our investment thesis this quarter with impactful well results and corresponding cash flows."
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.
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SOURCE: Amazing Energy Oil and Gas Co.