Attached files
file | filename |
---|---|
8-K - AMAZING ENERGY OIL & GAS, CO. 8-K - Amazing Energy Oil & Gas, Co. | amaz_8k17580.htm |
EXHIBIT 99.1
|
Amazing Energy Reaches Total Depth on
Its First Horizontal San Andres Well the WWJD #31H in Pecos County,
TX
PLANO, TX / January 13, 2019 / Amazing Energy Oil and Gas
Co. (OTCQX: AMAZ) ("Amazing," "Amazing Energy," or the
"Company") today announced that the Company has reached total depth
on its first horizontal San Andres well, the WWJD #31H, in Pecos
County, TX. The Company finished drilling the lateral leg extension
from the original vertical wellbore and has set casing. During
drilling Amazing recovered good indications that the San Andres
formation is oil and gas bearing in many sections and recovered
mudlog samples that have further confirmed this with blue and
yellow fluorescents being visible under Fluorometer.
The
WWJD #31H is a horizontal extension of the vertical well drilled in
the first Quarter of 2018 to a depth of 4,000 feet which
encountered multiple formations. Tests and four drilled core
samples were taken from the prolific San Andres formation showing
porosity between 17% and 23% with indications of oil and gas
saturation. The San Andres Formation is approximately 600 feet
thick. The upper-most section, at a depth of 2010 to 2040 feet, was
targeted due to strong movable fluid characteristics and reservoir
rock properties. The horizontal leg is a 1,547-foot section
reaching a total measured depth of 3,850 feet. Multiple logs have
been run in the horizontal lateral including a quad combo to
evaluate and determine the best sections to complete and
stimulate. The Company has set casing, released the rig and
will provide all log data including original Halliburton Rockvision
logs and cores for the frac provider to determine the most
effective completion package. Once engineered and performed Amazing
will announce the completion results.
“We
are very excited to move into completion on Amazing’s first
horizontal San Andres well,” commented Will McAndrew, CEO of
Amazing Energy. “The successful drilling, testing and
completion from the prolific San Andres Formation are huge
milestones for us and should be the bellwether for our near-term
development plans and growth. Additionally, having six of our
directors personally invested in this well sends a strong message
of the confidence in our thesis.”
Initial
pictures and videos may be viewed at https://amazingenergy.com/gallery/
About Amazing Energy Oil and Gas:
Amazing
Energy Oil and Gas, Co. is an independent oil and gas exploration
and production company based in Plano, TX. The Company operates
leaseholds in the Permian Basin of West Texas where it holds the
rights within a 70,000-acre leasehold in Pecos County, TX. The
Company primarily engages in the acquisition and exploitation of
oil and natural gas properties with a focus on well-defined plays
containing stacked pay zones on the Central Basin Platform of the
Permian Basin. More information may be found on Amazing Energy's
website at www.amazingenergy.com.
Notice Regarding Forward-Looking Statements:
This
news release contains forward-looking information including
statements that include the words "believes," "expects,"
"anticipate," or similar expressions. Such forward
looking-statements involve known and unknown risks, uncertainties,
and other factors that may cause the actual results, performance or
achievements of the company to differ materially from those
expressed or implied by such forward-looking statements. In
addition, description of anyone's past success, either financial or
strategic, is no guarantee of future success. This news release
speaks as of the date first set forth above and the company assumes
no responsibility to update the information included herein for
events occurring after the date hereof. Information concerning
these and other factors can be found in the Company's filings with
the SEC, including its Forms 10-K, 10-Q, and 8-K, which can be
obtained on the SEC's website at http://www.sec.gov.