Introduces Management for New Entity Focused on the Capitalization of Stranded Natural Gas Recovery
PLANO, TX / ACCESSWIRE / February 12, 2020 / Amazing Energy Oil and Gas Co. (OTCQB:AMAZ) ("Amazing", "Amazing Energy", or "the Company"), today announced that it has launched a new subsidiary named Amazing Energy Technologies, LLC ("AET") and brought on seasoned professional, Mark Moss to run the new subsidiary as its CEO. The Company will host a corporate conference call and webcast presentation on Monday February 19, 2020 at 1 PM Eastern to discuss current operations and launch of the new vertical with introductions to management.
Corporate Update Call and Webcast
Time: Wednesday February 19, 2020 at 1 PM Eastern
Toll Free Dial-in: 1-877-407-9716
International Dial-in: 1-201-493-6779
Conference ID: 13699157
Webcast Link: http://public.viavid.com/index.php?id=138119
The newly formed entity will focus on the recovery and monetization of stranded natural gas from the Company's existing assets and neighboring peers who currently either sell at a loss or flare associated gas production in the process of oil recovery. Stranded gas reserves account for approximately 25% of global proven reserves and are typically uneconomical to produce due to remote location or alternatively the gas is a byproduct associated to oil production and is flared when production costs are too high. Over recent years the conversion of gas to electricity using generators has been presented as a viable solution where scalability and access to grid connection is available. However, in most cases the remote nature of these gas fields is the limiting factor.
Amazing Energy Technologies will address the stranded gas conundrum by delivering associated production and stranded gas to onsite portable units developed to convert gas to electricity and power onboard mining facilities for Bitcoin. The Company plans to deploy the first units in its Permian Basin acreage this Summer.
"We are excited to launch this new venture and to welcome Mark Moss to the team as its leader," said Willard McAndrew, III, Amazing Energy's CEO. "His background as a business owner and early stage investor in cryptocurrencies provides Amazing Energy Technologies with the experience needed to enter this new vertical and convert lost revenue from our stranded natural gas reserves into digital currency and a new revenue stream for the parent Company."
Mark Moss is a seasoned technology professional and investor. His experience includes scaling seven companies to over $1 million top line, each within the first twelve-month period. Mark has personally made significant cash investments into the digital currency mining space and additionally consulted on the operational launch of a solar to electric Bitcoin mining company. Mark brings over 20 years of experience owning various businesses and managing investments in real estate, gold, oil and gas, and cryptocurrencies; including more than 4 years in the digital currency space where he is a well-connected speaker, content creator and considered an industry expert.
"I am eager to roll out the new stranded gas to digital currency vertical and look forward to developing another revenue stream for the Company," stated Mark Moss, new CEO of AET. "The Amazing Energy team are forward thinkers and highly focused on shareholder value creation. By capturing our own production byproduct and converting it to digital currency we expect to generate revenues off of what is traditionally a non-revenue producing asset. The upside for Amazing, in the digital currency space, is created by being early in the next technology super-cycle. Upon a successful proof of concept and achieving positive cash flow, we can scale this business unit for growth and replication to industry peers experiencing the same economic and production limitations."
About Amazing Energy Oil and Gas
Amazing Energy Oil and Gas, Co. is an independent oil and gas exploration and production company headquartered in Plano, Texas. The Company's primary leasehold is in the Permian Basin of West Texas. The Company controls over 75,000 acres between their rights in Pecos County, Texas and assets in Lea County, New Mexico, and Walthall County, Mississippi. The Company primarily engages in the exploration, development, production and acquisition of oil and natural gas properties. Amazing Energy's operations are currently focused in the Permian Basin and Gulf Coast regions. 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.
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