AMARILLO, Texas--(BUSINESS WIRE)--Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) is pleased to announce recent results from its Pecos County, Texas property.
Reese Pinney, Chief Operating Officer, reported, “The Company is executing our development plan on the property. We are pleased with the initial results of this work. The 4-well workover program on the ‘C’ Lease is still in its flowback phase, and is averaging approximately 20 BOPD. Adjustments are being made to the production facility to determine the optimum production rates. The No. 21 well was successfully completed on November 21, and is also in its flowback stage, currently producing approximately 22 BOPD and 270 MCFD (67 BOEPD). The rest of the field is averaging 30 BOPD and 300 MCFD (80 BOEPD). This includes many wells scheduled for similar completion and production enhancement work. The combination of these rates takes the Company’s operated production to 167 BOEPD (43% oil).”
Mr. Pinney continued, “Concurrent with this work, we are permitting the No. 28 location for drilling. We are mobilizing company owned equipment to continue the recompletion work in the field. Our deliberate focus on methodical growth of this scalable operation is putting our production on a good trajectory. We expect continued improvements at the field level, which is critical to remaining economically viable during this industry downturn. Our dedicated team of field personnel is doing a great job of growing this production base.”
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.