Employing New Techniques and Seeing Marked Results
PLANO, TX / ACCESSWIRE / October 8, 2018 / Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) ("Amazing" or the "Company") is pleased to announce that it has finished the drilling and completion of the new #30 well on its Permian Basin acreage in Pecos County, Texas.
The #30 well was drilled to a total depth of 1,768 feet and Amazing encountered approximately fourteen feet of pay zone thickness based on comparison to a southern offset well. The Company has also completed the well utilizing a technique known as an open hole completion. The well is free flowing oil and gas, without stimulation, to the existing production facility at a 30 barrels of oil daily rate on a 14/64th inch choke with flowing tubing pressure of 25 PSI and 160 PSI on the casing. During drilling, the Company encountered two benches of the Queen A formation and will continue testing the well to establish a stabilized initial potential (IP) production rate.
"We are very encouraged by the results of our drilling efforts and newly employed completion techniques," state Willard McAndrew, III, Amazing Energy's Chief Executive Officer. "Seeing the natural well pressure build overnight after completion and now production to surface is proof positive of our ongoing scientific and engineering work. Amazing has invested over $1,000,000 in the last year with testing cores, a Halliburton Rockvision log, rock and fluid property testing with SCAL and new test wells. Not only do these techniques work and produce improved results but bring our average well cost down significantly thereby increasing the positive economics on a well by well basis. We are committed to building value through the drill bit and controlling costs. Amazing will continue to communicate our measured results to investors as we progress, and we look forward to achieving new production milestones as the benchmark for our corporate growth."
About Amazing Energy Oil and Gas:
Amazing Energy Oil and Gas, Co. is an independent oil and gas exploration and production company based in Plano, TX. The Company operates leaseholds in the Permian Basin of West Texas where it holds the rights to 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 on the Central Basin Platform of the Permian Basin. 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
Email: [email protected]
SOURCE: Amazing Energy Oil and Gas Co.