PLANO, TX / ACCESSWIRE / September 24, 2018 / Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) (or the "Company") is pleased to announce that it has entered into a supply and rental agreement with Bison Crypto Power Corp ("BCP"), a wholly owned subsidiary of WRIT Media Group, Inc (OTC: WRIT), for off the grid future natural gas powered crypto mining camps. In this arrangement Amazing will work with BCP to identify suitable natural gas projects and implement the roll out strategy.
Upon completion of the proof of concept phase, BCP plans to install multiple "mining camps" with infrastructure and secure locations for customers interested in becoming involved in the burgeoning crypto currency mining industry. BCP's projections indicate that they can deliver electricity for approximately one-half of the average market power costs due to (i) extremely low-cost generation fuel feedstock (natural gas); and (ii) small scale, skid-mounted, scalable plants providing low cost electricity and quick installation. Amazing plans to share in an Area of Mutual Interest (AMI) with BCP for future projects that cover most of West Texas and New Mexico, meaning that each party will have the option but not obligation to participate in future mining camps in the covered areas.
"Providing gas supply to new industries and the resulting cash flows are part of our initiative to explore new opportunities and expand sales efforts," stated Amazing's CEO, Willard McAndrew III. "This is a great opportunity for Amazing Energy to create a new sales channel for our natural gas to the burgeoning crypto mining space and BCP. We look forward to the proof of concept completion and expanding our sales under this relationship. Proof of concept in this case is generating electricity from natural gas, providing that power to a refrigerated trailer and miners processing transactions. Our internal estimate of natural gas within the 70,000 control acres could translate into becoming a steady supplier of power for this industry for years to come."
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.
About Bison Crypto Power Corporation:
Bison Crypto Power Corporation ("BCP"), a wholly owned subsidiary of Writ Media Group, Inc. (OTC: WRIT), was formed to solve the largest problem facing the global crypto currency market today; power consumption. All successful crypto currencies require large groups of crypto miners to verify and add transactions to the block chain digital ledger. To put things in perspective as to just how much power is required; Morgan Stanley reported that the crypto mining process requires roughly the same amount of power that countries such as Ireland, Argentina or the Czech Republic use annually. In response to the large amount of power being drawn for crypto mining, cities around the world are beginning to ban or limit crypto mining, because of the driving up the cost of power for everyday consumers. By using stranded natural gas along with other "off the grid" power alternatives to generate power for the crypto mining community, BCP will alleviate the stress to the power grid as well as offer a steady source of electricity. For more information about BCP please visit www.writmediagroup.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: [email protected]
Web: www.mzgroup.us
SOURCE: Amazing Energy Oil and Gas Co.