SPOKANE, Wash.--(BUSINESS WIRE)--Terry Dunne, Chairman and CEO of Gold Crest Mines, Inc. (“GCMN” on the OTCBB) is pleased to announce the Company’s entrance into the Oil and Gas Exploration and Production Industry, initially focusing within an approximate 70,000 acre leasehold of proven oil and gas in the oil-rich Permian Basin in Pecos County, Texas.
"The Company has entered into a change of control agreement with Amazing Energy, Inc. The company has already filed for a name change with the State of Nevada whereas the new name will be Amazing Energy Oil and Gas, Co. We are also filing for a 40 to 1 reverse split along with a new trading symbol," stated Mr. Dunne.
Amazing Energy is in the process of drilling shallow wells within its approximate 70,000 acre leasehold in Pecos County, Texas. The leasehold is adjacent to one of the largest shallow fields in the U.S. known as The “Yates Field” on the East (approximate production of 1.6 billion barrels of oil); The “Taylor Link Field” is just to the West (approximate production 15 million barrels of oil); The “Priest Beaver Field” is just to the South (approximate production 3 million barrels of oil); and the “Walker Field and the White & Baker Field” are within the leasehold (producing approximately 15 million barrels of oil combined). This is some of the best shallow production, roughly 2000 feet, in the state. To date, Amazing Energy has drilled 17 wells with all 17 wells being completed as producing wells.
Mr. Dunne went on to say that "according to Amazing Energy Chairman/CEO Jed Miesner, Amazing Energy is now in the process of interviewing several very successful companies, some being listed on NYSE, for possible Joint Venture partners on their leasehold." Mr. Dunne and Mr. Miesner both agree that their main focus today is to get more wells drilled and online as quickly and successfully as possible.
Jed Miesner of Amazing stated, "We are very excited to be part of the Gold Crest team, together we will continue the development of our leaseholds and identify new opportunities." Mr. Dunne agreed that Pecos County, which is in the Permian Basin, continues to be very attractive with multiple pay zones and huge discoveries in the immediate area. "Our intent is to grow Amazing Energy Oil and Gas, Co. into a very successful oil and gas company, thus, increasing shareholder value," concluded Mr. Dunne.
Please also reference our website at amazingenergy.com.
This Press Release contains certain forward-looking statements and our future operating results could differ materially from those discussed herein. Certain statements contained in this Report, including, without limitation, statements containing the words “believes,” “anticipates,” “expects” and the like, constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We disclaims any obligation to update any such factors or to announce publicly the results of any revisions of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments.
Terry Dunne
Telephone: (509) 462-0315
E-mail: dunneterrencej@qwestoffice.net