AMARILLO, TX / ACCESSWIRE / December 4, 2017 / Amazing Energy Oil and Gas Co. (OTCQB: AMAZ) ("Amazing," "Amazing Energy," or the "Company") today announced that it has closed $2.147 million in a private placement of restricted common stock. The Offering was oversubscribed. Amazing Energy expects to use the net proceeds from the private placement to complete seven drilled, but uncompleted wells and re-complete seven additional wells.
Additional scientific work is involved as well as the first horizontal well in the Queen A formation. The last well drilled had approximately 44' of pay in the Queen A formation. The goal will be to drill a 1,250' lateral and frac, stimulate into both the A and B formations. All the mentioned work will be at the Company's primary asset located in Pecos County Project.
Also, the #30 well location has been completed and is ready to move a rig onto location.
The offering was completed by officers and directors of the company. There was not a placement agent in connection with this offering.
"We are excited to have closed this offering in record time. This capital will allow AMAZ to take additional steps in the production and development within the 70,000-acre contiguous lease block," stated Willard McAndrew, CEO/Director of Amazing Energy Oil and Gas, Co.
The securities to be sold in the private placement will not have been registered under the Securities Act of 1933, as amended, or state securities laws as of the time of issuance and may not be offered or sold in the United States absent registration with the Securities and Exchange Commission or an applicable exemption from such registration requirements.
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:
SVP Natural Resources
Email: [email protected]
SOURCE: Amazing Energy Oil and Gas Co.