Amazing Energy Oil & Gas Co. (AMAZ:OTCQX) sold the first two loads of oil produced from its recently acquired Denver Mint project in Mississippi, it announced in a news release.
Additionally, the company commenced the first phase of its four-phase plan to grow the production profile there. It is re-establishing the existing oil production capacity. Denver Mint consists of nine oil wells, a saltwater disposal well, 900 acres of leasehold and associated production facilities and infrastructure.
Amazing prepared the salt water disposal well for connection and passed the required inspection. Now, the company is in the process of reworking or making uphole recompletions in the nine wells, from which it expects to get 150–300 barrels of oil production per day.
"We are excited to be selling production from our Denver Mint Project and to have entered the first phase of our plan to grow that profile," said Willard McAndrew, III, Amazing Energy's CEO. "Passing MIT inspection on our salt water well sets the table for the significant unrealized production capacity to be brought online."
"Over the coming weeks we will be improving wellbore integrity, perforating new zones and applying mechanical fixes to access untouched reserves. The addition of associated cash flow confirms our plan to grow through accretive acquisitions and organically through the drill bit," McAndrew added.
The second phase will involve conducting a waterflood pilot project in the Lower Tuscaloosa D sand. In the third phase, Amazing will test the shallow Yegua, Cook Mountain and Sparta targets above a 3,500 foot total measured depth. The last phase will entail recompleting the behind-pipe Lower Tuscaloosa zones, which will include sidetracking the Magee 34-1 well.
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