Addition Covers 21,000 Acres Situated in the Company's Focus Area
PLANO, TX / ACCESSWIRE / October 17, 2018 / Amazing Energy Oil and Gas, Co. (OTCQX: AMAZ) ("Amazing Energy," "Amazing" or "the Company") today announced that it has closed on the acquisition of the deep rights in 21,000 mostly contiguous acres in the Permian Basin in Pecos County, Texas. Post-closing the Company now controls all rights to all depths within the 61,000 acres with undivided mineral interest and rights to the depth of 3,000 feet to surface on its additional ~9,000 acres. The purchased acreage is under the same type of option terms as that which Amazing holds interest in and will be the operator.
Amazing will leverage the extensive geological work done covering the acreage to select new well drilling locations. Identified and prolific pay zone horizons proven on the acreage include the Queen, Grayburg, Clearfork, Wolfcamp, Penn, Devonian, Ellenberger. Modern 3-D seismic covers most of the leasehold, where 17 deep exploratory wells were drilled in the early 2000's targeting Devonian and Ellenberger pay at depths of 8,000-9,000 ft Measured Depth. The Seismic data set primarily targeted Devonian wells which have produced 4 BCFG and 150,000 barrels of oil in the area. Additionally, the data has identified prospects that have yet to be drilled on the acreage and a recent new field discovery by an offset operator in 2017 which will provide additional detailed geological insight as to rock properties, reserves, and production potentials. Amazing plans to shoot a larger 3-D survey which has the potential to uncover additional new target areas.
"We are very excited to achieve this growth milestone in Amazing's development as a Permian Basin Focused E&P company," stated Willard McAndrew, III, Amazing Energy's CEO. "Over the past years Amazing has focused on shallower plays available under our existing options to incrementally increase production. Our strategy is getting a tremendous boost with the addition of these deep rights and associated well-known pay zones. We expect this acquisition to add several hundred potential new well locations to our current drilling inventory. The potential of our acreage is now on par with many of our much larger peers and in the same well known plays where they are experiencing marked success. Our expectation is to realize similar reserves and production growth as our larger Permian neighbors are seeing."
The Permian Basin is a part of the western portion of the US Mid-Continent Oil Field. This sedimentary basin in western Texas and southeastern New Mexico has one of the world's thickest deposits of rocks from the Permian geologic period. The greater Permian Basin comprises several component basins and extends beneath an area approximately 250 miles wide by 300 miles long. The Company's acreage hosts productive rock such as the Queen, Grayburg, Clearfork, Wolfcamp, Penn, Devonian, Ellenberger. This geological thesis is supported by numerous wells that have been drilled both on and offsetting the Amazing acreage position. A detailed presentation on the acreage may be found on the Company's website here http://www.amazingenergy.com/
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 GroupSVP Natural Resources
Phone: 512-270-6990
Email: dgradwell@mzgroup.us
Web: www.mzgroup.us
SOURCE: Amazing Energy Oil and Gas, Co.
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