AMARILLO, Texas--(BUSINESS WIRE)--Amazing Energy Oil & Gas Co. (OTCQX: AMAZ) is pleased to announce the Company continues to drill within its 70,000 acre leasehold in the Permian Basin in Pecos County, Texas, with the drilling and completion of the WWJD#14 well. The well was fraced on Thursday, June 11, 2015 using the new fracing technique first implemented in 2014. The operator has reported that the well is in flowback stage, producing 2.5 barrels of oil per hour (60 barrels per day) and 111 MCF of natural gas per day as of Tuesday, June 16, 2015. The Company owns a 40% working interest in the WWJD#14.
According to Jed Miesner, CEO and Chairman, “The WWJD#14 brings us to a total of nineteen wells drilled and nineteen wells completed with no dry holes to date in the project. Our operator is currently preparing to re-frac the WWJD#8 well, using our new fracing technique. We have also started building our next drilling location for the WWJD#15 well and have permitted the WWJD#16 well. The Company continues to bring wells on as we build out our infrastructure, adding more gas lines and electric service. This is a very large project and we are focused on getting it up and running as quickly as we can. The WWJD#14 is another step toward accomplishing this goal.”
Mr. Miesner stated that, “We are very excited about our recent successes in our shallow-well drilling program. The Company continues to be a low cost per barrel producer. Unlike the unconventional shale plays that cost several millions of dollars per well to drill, complete, and frac, our wells are shallow, vertical wells, usually no more than 2,000 ft in depth, drilled the old conventional way. The approximate cost to drill, complete, and frac the WWJD#14 well was $400,000.”
When asked about the Company’s upgrading to the OTCQX Marketplace, Mr. Miesner commented, “We are excited about our move to the OTCQX. The OTCQX gives the Company more exposure to the investment community and validates our high internal standards, as we work diligently to develop the Amazing Energy Oil and Gas Co. properties.”
CAUTIONARY STATEMENT: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans and schedules and resource recoveries could differ materially due to changes in market conditions 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.