Amazing Energy Announces Spud Dates of WWJD #23 and WWJD #30 Wells

Amazing Energy Will Test the Queen Formation for A, B, and C Benches

AMARILLO, TX / ACCESSWIRE / October 16, 2017 / Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) ("Amazing," "Amazing Energy," or "the Company") today announced the spud dates for its WWJD #23 Well in the Queen A, B and C formations. Amazing Energy commenced drilling operations on October 16, 2017 starting with the #23 well and upon reaching total depth will immediately begin drilling the #30 well targeting the same formations.

The WWJD #23 and WWJD #30 wells will be vertical tests and will target a total depth of 2,000 feet. The Well locations were selected to identify the Queen Formation A, B, and C zones on the western portion of the Company's rights on their 70,000-gross acre block. Following drilling, Amazing Energy will run a battery of tests and scientific data collection exercises, including extensive log work. The vertical test WWJD #23 and WWJD #30 are the next steps in initiating a rework and completion program covering multiple existing wells; which is in-line with stated development and production program goals.

Will McAndrew, CEO of Amazing Energy commented, "At this stage of early development, it is increasingly important to make efficient use of our time and human capital; specifically, in de-risking our acreage block and in identifying total opportunity. Drilling the WWJD #23 and the WWJD #30 will be an opportunity for us to not only delineate a portion of our acreage, but also to identify specific upside potential in the midterm. A new team has been put together with Permian Basin expertise with the goal of scientific data collection thru 3D seismic, barrel and sidewall core analysis and a full range of current logging techniques. This information will allow for the most prudent drilling of horizontal wells in the multiple stacked benches proven across the large block of contiguous acreage. We're looking forward to presenting the results of our vertical tests and creating the next data point in our development and future production program."

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, as well as Mid-Continent leaseholds in Kansas. 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:

Derek Gradwell
MZ Group
SVP Natural Resources
Phone: 512-270-6990
Email: [email protected]
Web: www.mzgroup.us

SOURCE: Amazing Energy Oil and Gas Co.