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Amazing Energy Reaches Total Depth on Its WWJD #23 well in Pecos County

AMARILLO, TX / ACCESSWIRE / October 30, 2017 / Amazing Energy Oil and Gas Co. (AMAZ) ("Amazing," "Amazing Energy," or "the Company") today announced the successful drilling, logging and cementing of casing in the WWJD #23 well in Pecos County. The well was drilled to a depth of 1,997 feet encountering the targeted Queen Formation. Newly available suites of logs are being provided to the Company by Haliburton, the selected service provider.

Will McAndrew, CEO of Amazing Energy commented, "With increased resolution of the oil reservoirs at our target depths, we gained significant knowledge during the drilling of the No. 23 well. The well encountered the Queen Formation at a higher depth than any previously drilled well in this section. Further, the Queen A interval, the primary zone of interest, was both thicker with 44 net feet, and exhibited more consistent reservoir properties, such as porosity, relative to previous wells. Likewise, the slightly deeper B and C benches of the Queen were seen in a similar structurally advantageous position. All of the productive zones correlate to the other wells in the area further confirming the lateral continuity of the resource. The Company's land position provides us with miles of continuous drilling locations. As we pursue this opportunity, we will also be incorporating valuable information regarding reservoir pressures, fluid ratios, and other data critical to maximize the recovery from the asset."

Historically, production has come from the Queen Formation, with typical production performance well within the economic boundaries of today's oil price and well cost environment. Correlation of available well log data indicates the Queen, particularly the Queen A, has lateral continuity for miles to the south and east under acreage controlled by the Company. Analogous fields in the region which also produce from the Queen Formation have exhibited positive responses to pressure maintenance programs and the Company is evaluating that option in light of the new data from the WWJD #23.

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 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.