Announces Successful Completions and Production Growth
PLANO, TX / ACCESSWIRE / March 12, 2019 / Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) ("Amazing", "Amazing Energy", or "the Company"), today announced that it has successfully completed the WWJD #31H San Andres well and is producing from the prolific San Andres formation. Additionally, Amazing provided an operational update on the first two of multiple planned rework procedures on the Company's Permian Basin assets located in Pecos County, Texas and Lea County, New Mexico.
The WWJD #31H well is a 1,538-foot lateral well which the Company completed in the San Andres employing a five stage frac stimulation. After successfully performing the procedure the well is free flowing and returning back frac fluid utilized in the process. The well has also been producing oil with a current cut of approximately 5%. Once the remaining 80% frac fluid recovery is complete the Company plans to measure and report an Initial Potential (IP) production amount.
As previously announced Amazing's acquisition of additional new Permian Basin project acreage in Pecos County, Texas and Lea County, New Mexico over the last four months has provided multiple rework and recompletions opportunities in existing wells. The first of three planned wells in Lea County has been successfully completed by reentry and is producing at an initial rate of 40 bop/d. The well represents an increased production total of 40%. The next two planned wells are scheduled to be completed over the next 30 days. In Pecos County the first of three planned wells there has also been completed. That well is currently producing and expected to achieve level production of approximately 25 bop/d. The next two planned wells will be up hole re-completions in the Conglomerate also scheduled for next 30 days. These two wells represent the deepest completions to date by the company and are expected to have the largest potential daily production impact.
In addition to efforts on existing wells improving production and operational efficiencies, Amazing has drilled the WWJD #27 well to a total depth of 1600 feet and set pipe. The company will drill another 200 feet and utilize open hole completion technology to bring the well into production from two known benches in the Queen formation.
"We are excited to announce successful completion across all of our recent field efforts and associated production results," stated Willard McAndrew, III, Amazing Energy's Chief Executive Officer. "We expect these wells will continue to increase daily production and move the needle on topline growth. Currently Amazing is producing approximately 140 bop/d which puts us close to cash flow neutrality at current prices. Production growth is the measuring stick we are using to gauge operational results and determine areas of focus. We are committed to creating value through the drill bit and growing net earnings for our shareholders."
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 where it holds the rights within a 70,000-acre leasehold in Pecos County, Texas and is surrounded by large independent oil and gas companies. Amazing also holds 16,904 gross acres in Lea County, New Mexico which is held by production. 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 such as the San Andres, Devonian, Pennsylvanian and Wolfcamp. 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.
SOURCE: Amazing Energy Oil and Gas Co