July 20, 2018 - 9:30 AM EDT
Print Email Article Font Down Font Up
Oil & Gas Firm Buys Full Working Interest in Texas Wells, Gaining Flexibility

Source: Streetwise Reports   07/17/2018

Amazing Energy Oil & Gas Co. (AMAZ:OTCQX) acquired the remaining working interest in its 23 wells in Section 91 for 3,617,556 shares of restricted common stock. CEO William McAndrew noted that "incremental additions to our ownership position continue to add value for Amazing shareholders." The wells are located in the Permian Basin in Texas.

The strategic move affords Amazing "maximum flexibility in terms of developing the project," McAndrew added. He noted that the most compelling areas in the play are the "average 30–50 feet of potential pay thickness" in the Queen Formation and three zones with potential in the Seven Rivers and Yates formations.

These now fully owned wells in Section 91 will undergo recompletion as part of Amazing's ongoing "chemical squeeze and rework program." This will take place after the late September completion of the 90-day initial test on the #31 well. Preliminary results showed a 60% daily production increase.

In other news, Amazing has eliminated all debt as of July 2018 except for what it owes to president/chairman Jed Miesner and his companies.

"Strengthening our balance sheet, corporate strategy and controls are the initiatives that remain vital to and will foster Amazing's growth," McAndrew said.

Read what other experts are saying about:

Want to read more Energy Report articles like this? Sign up for our free e-newsletter, and you'll learn when new articles have been published. To see a list of recent articles and interviews with industry analysts and commentators, visit our Streetwise Interviews page.



Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Amazing Energy. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Amazing Energy. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Amazing Energy, a company mentioned in this article.

( Companies Mentioned: AMAZ:OTCQX, )

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer


Source: Equities.com News (July 20, 2018 - 9:30 AM EDT)

News by QuoteMedia
www.quotemedia.com

Legal Notice