AMARILLO, Texas--(BUSINESS WIRE)--Amazing Energy Oil and Gas Co. (OTCQX:AMAZ): The Board of Directors has given their approval for the purchase of Jilpetco, Inc. Jilpetco, Inc. has been in business for 13 years, is bonded and approved by the Texas Railroad Commission and is an oil field operating and service company, handling all of Amazing Energy’s current production in Pecos County, Texas.
The agreement is contingent upon Jilpetco, Inc. furnishing fully Audited SEC Financials. The Board of Directors has agreed to trade 500,000 shares of Amazing Energy Oil and Gas Co. stock for 100% of the ownership of Jilpetco, Inc. It is anticipated the transaction will be completed before December 31, 2015.
“This is a great combination,” stated Jed Miesner, CEO of Amazing Energy. “This helps Amazing Energy to become a vertically integrated exploration and production company, allowing the Company greater cost control of operations. It is expected this transaction will be accretive to earnings and also add to the Company’s overall profit margins. We expect to see immediate benefits from this transaction, along with the longer term benefits of having our own operating company.”
Mr. Miesner also stated, “The WWJD #15 well was spudded on July 28, 2015 and reached a total depth of 1999 on August 4, 2015. We plan to complete and frac this well along with the previously drilled WWJD #8 well before the end of this month.”
Cautionary Statement: Statement of future events or conditions in this release are forward-looking statements. Actual future results, including project plans and schedule and resource recoveries could differ materially due to changes in market condition affecting the oil and gas industry or long term oil and gas price levels; political or regulatory developments; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of future commercial negotiations, and other factors.