U.S. Markets open in 3 hrs 47 mins

Amazing Energy Successfully Drills 4,000 Feet on Its Permian Basin WWJD #31 Well in Pecos County

AMARILLO, TX / ACCESSWIRE / March 6, 2018 / Amazing Energy Oil and Gas Co. (AMAZ) ("Amazing," "Amazing Energy," or "the Company") today announced the successful drilling, logging, coring and cementing of casing in the WWJD #31 well in Pecos County. The well is the deepest well drilled thus far by the Company and is a science well that can be deepen for more science testing or completed horizontally with the 7" casing that is now in place. The well was drilled to a depth of ~4,000 feet encountering numerous formations and is permitted to 10,000 feet. Amazing has commenced the scientific evaluation of the results and plans to complete or deepen the well once all engineering results are evaluated by management.

During drilling of the WWJD #31, the Company encountered seven (7) confirmed zones and produced twenty-five sets of sidewall drilled cores. Among the formations encountered were the Seven Rivers, Queen A and B, Grayberg, prolific San Andres and Tubb. As Amazing continues through the scientific review and engineering phase, preparing for completion or deepening, management will be testing for secondary and tertiary potential of the field and it's horizontal development prospects.

Willard McAndrew, III, CEO of Amazing Energy commented, "As we continue to drill new wells within Amazing's 70,000 acre Permian Basin leasehold block, we are encountering exactly the type of stacked-pay reservoirs that drive our core focus in the Permian Basin. Each well and battery of tests that we run produces gains in knowledge and confirms that we are moving in the right direction. The #31 is another milestone in our game plan, having a deeper well drilled with all cost satisfied. Our recent completions, bringing on new production and successfully continuing to drill new wells translates to increased value for Amazing and our shareholders."

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.