AMARILLO, Texas--(BUSINESS WIRE)--Amazing Energy Oil and Gas Co. (OTCQX: AMAZ) is pleased to announce that it is continuing to develop in the Permian Basin in Pecos County, Texas.
Reese Pinney, Chief Operating Officer, reported, “On March 10th the company spudded the WWJD No. 27 well as the next step in development of this lease. Targeting the Queen Sand, this well is anticipated to reach a TD “total depth” of 2000 feet in the next 20 to 30 days. The company is drilling this well with the company’s own drilling rig. The company acquired Jilpetco, Inc., as an operating subsidiary last year and now controls the entire operation. This should help us with respect to cost control going forward.
“As a further step to realizing the best return from this reservoir, we are actively evaluating implementation of a water flood, which plan should greatly extend the commercial life of the property.
“Additional improvements in the field infrastructure include electric service. The Southwest Coop has completed all the overhead electric power for the entire section. We will be able to get all our new wells put on electric pumps now, reducing down time and stabilizing production performance of the wells.”
The CEO Jed Miesner is continuing to work with three financial institutions for additional funding. “We continue to pursue available options in this market,” 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.