Amazing Energy Oil & Gas Co. (AMAZ:OTCQX) acquired the remaining working interest in its 23 wells in Section 91 for 3,617,556 shares of restricted common stock. CEO William McAndrew noted that "incremental additions to our ownership position continue to add value for Amazing shareholders." The wells are located in the Permian Basin in Texas.
The strategic move affords Amazing "maximum flexibility in terms of developing the project," McAndrew added. He noted that the most compelling areas in the play are the "average 30–50 feet of potential pay thickness" in the Queen Formation and three zones with potential in the Seven Rivers and Yates formations.
These now fully owned wells in Section 91 will undergo recompletion as part of Amazing's ongoing "chemical squeeze and rework program." This will take place after the late September completion of the 90-day initial test on the #31 well. Preliminary results showed a 60% daily production increase.
In other news, Amazing has eliminated all debt as of July 2018 except for what it owes to president/chairman Jed Miesner and his companies.
"Strengthening our balance sheet, corporate strategy and controls are the initiatives that remain vital to and will foster Amazing's growth," McAndrew said.
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