PLANO, TX / ACCESSWIRE / December 20, 2018 / Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) ("Amazing," "Amazing Energy," or the "Company") today announced that the Company is under contract with the driller to spud it's WWJD #31H well in Pecos County, TX. This well is a lateral leg extension to the original vertical wellbore. The drilling rig is expected to be mobilized December 26-27 with drilling commencing over the following few days. The drilling phase is expected to take under two weeks to finish and completion plans will be announced just following.
The WWJD #31 well is a vertical well drilled in the First Quarter of 2018 to a depth of 4,000 feet which encountered multiple formations. As previously announced, four samples taken from the prolific San Andres formation showed porosity up to 23% and highly encouraging indications of oil saturation and reservoir rock properties. The upper-most San Andres, between depths of 2010 and 2080 show very strong characteristics with respect to movable fluids and reservoir rock properties. The Company plans to test this interval, as it has the potential of opening a new level of development and production. The horizontal leg is planned to be a 1,600-foot section with a total measured depth of approximately 4,000 feet. This well represents the first horizontal San Andres well drilled by Amazing. Previously, Amazing Energy has been focused on shallower, vertical wells targeting the Queen formation. The San Andres formation is well known as a significant regionally productive zone in the Permian Basin. Many of Amazing's large independent peer companies have seen tremendous production growth because of San Andres exploitation.
''We are very excited to drill the Company's first horizontal well'', commented Will McAndrew, CEO of Amazing Energy. ''Unlocking the potential of the prolific San Andres as we have seen many of our peers do in recent months will set the tone for acceleration of our development and production plans for 2019 and beyond.''
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 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 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.
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SOURCE: Amazing Energy Oil and Gas Co.