Texas Oil & Gas Company's Permian Wells Produce Encouraging Results

Source: Streetwise Reports   10/09/2018

This Texas E&P firm is having success using new well testing techniques.

Amazing Energy Oil & Gas Co.’s (AMAZ:OTCQX) CEO, Willard McAndrew III, reported that the company achieved “effective” outcomes from recent drilling and completing of the new #30 well on its Permian Basin acreage using the open hole technique. “We are very encouraged by the results of our drilling efforts and newly employed completion techniques,” he said in a news release.

With the #30 well, drilled to a depth of 1,768 feet, the company “encountered approximately 14 feet of pay zone thickness based on comparison to a southern offset well,” along with “two benches of the Queen A formation,” the news release noted.

After completion, the natural pressure in #30 swelled overnight, then oil began to flow. Now, without stimulation, the well is producing about 30 barrels of oil per day.

Amazing will continue well testing to determine its stabilized initial potential production rate.

In the release, the CEO highlighted that the company invested more than $1 million over the past year on “testing cores, a Halliburton rock vision log, rock and fluid property testing with special core analysis and new test wells.” These new techniques, he said, produce improved results and lower Amazing’s average well cost, thereby improving operational economics well by well.

McAndrew added, “We are committed to building value through the drill bit and controlling costs. Amazing will continue to communicate our measured results to investors as we progress, and we look forward to achieving new production milestones as the benchmark for our corporate growth.”

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: Amazing Energy. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Amazing Energy. Please click here for more information.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Amazing Energy, a company mentioned in this article.

( Companies Mentioned: AMAZ:OTCQX, )