AMARILLO, Texas--(BUSINESS WIRE)--Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) is pleased to announce that it is continuing to develop Permian Basin operations within a 70,000 acre lease in Pecos County, Texas.
Reese Pinney, Chief Operating Officer, reported, "Field operations in our Queen Sand development program are active with continued effort to optimize production from these shallow vertical wells. Recent experience and current evaluation of the Queen Sand reservoir suggests that we can improve production through advanced reservoir engineering and reservoir pressure management. We also recognize that production could benefit from enhancing the permeability of the reservoir. Water flooding and short lateral drilling are two examples of technologies currently being considered.
“Evaluation of the deeper productive horizons within the 70,000 acre lease continues in parallel with the shallow Queen Sand development program. This stack of formations is making the Permian Basin a “hot spot” in the petroleum industry today. Presence of a substantial sequence of deeper formations within the 70,000 acre lease has been confirmed by vertical drilling done decades ago that intersected and produced both oil and gas. We are therefore evaluating the potential of bringing modern drilling and production techniques to the 70,000 acre lease to produce from formations that have proven to be productive in the past, including the San Andres, Wolfcamp, Devonian and Ellenburger."
CEO Jed Miesner is continuing to work with several financial sources for additional funding. "We continue to pursue available options in this market including joint ventures with experienced operators and equity funding. We believe that we are positioned in a very good part of the Permian Basin and are committed to pursuing all the targets contained within the 70,000 acre lease," stated Mr. Miesner.
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.