AMARILLO, TX / ACCESSWIRE / March 13, 2018 / Amazing Energy Oil and Gas Co. (AMAZ) (“Amazing,” “Amazing Energy,” or the “Company”) today appear a Collective Adventure Term Sheet acceding with Encore Accustomed Resources, LLC (“Encore”) to advance assorted sections aural Amazing Energy’s accepted backing in Pecos County Texas.
The acceding consists of the aboriginal 14 wells of which will be re-entry wells to be completed or recompleted in the aboriginal six months afterward the beheading of this agreement. Afterward the antecedent 14 wells, the Acceding states that Encore will assignment an added 36 able-bodied affairs with one able-bodied accomplished anniversary ages until the affairs is complete. Encore has the appropriate to extend the antecedent 36 able-bodied affairs as continued as they abide to assignment one able-bodied per month. The Acceding provides Encore with an befalling to access a 50% absorption in the new wells accomplished and the conduct assemblage per the RRC in Pecos County, TX. The Acceding additionally provides Encore with an befalling to access 25% absorption in the reworks or recompletions. Both parties are alive agilely to access into final Collective Adventure abstracts alternating with the Collective Operating Agreement. These agreements are accepted to be completed aural two weeks. If Encore does not like their after-effects they are chargeless to stop conduct with no penalties and alone access the absorption on the wells they alternate in.
“Our near-term ambition will be to re-work the antecedent 14 wells and to advance absolute production,” declared Will McAndrew, CEO of Amazing Energy. “We attending advanced to alive with Encore and their aggregation as we advance a allotment of the Permian Basin acreage. With the success of the aftermost two wells we accept this will be the 1st of abounding accessible JV ally alpha to appear to the table to advice us advance our property. We are currently visiting with two added groups this anniversary on accessible JV agreements. This is what the aggregation has been alive appear these aftermost several months and has been one of the primary drivers of the science and compassionate of the befalling a acreage of this size. This collective adventure is accumbent with Amazing’s action to strengthen our position by accretion assembly while de-risking this abundant asset.”
About Amazing Energy Oil and Gas:
Amazing Energy Oil and Gas, Co. is an absolute oil and gas analysis and assembly aggregation based in Amarillo, TX. The Aggregation operates leaseholds in the Permian Basin of West Texas, area it has rights aural a 70,000-acre leasehold in Pecos County, TX. The Aggregation primarily engages in the accretion and corruption of oil and accustomed gas backdrop with a focus on categorical plays absolute ample pay zones. More advice may be begin on Amazing Energy’s website at www.amazingenergy.com.
About Encore Accustomed Resources, LLC:
Encore was started to booty advantage of the befalling presented by AMAZ and the Pecos County Texas acreage on the Central Basin Platform. With a abundance of acquaintance administration has been complex in all areas of the oil and gas industry from leases, drilling’. and completions as able-bodied as accessible companies.
Notice Regarding Advanced statements:
This account absolution contains advanced advice including statements that accommodate the words “believes”, “expects”, “anticipate” or agnate expressions. Such advanced looking-statements absorb accepted and alien risks, uncertainties and added factors that may account the absolute results, achievement or achievements of the aggregation to alter materially from those bidding or adumbrated by such advanced statements. In addition, description of anyone’s accomplished success, either banking or strategic, is no agreement of approaching success. This account absolution speaks as of the date aboriginal set alternating aloft and the aggregation assumes no albatross to amend the advice included herein for contest occurring afterwards the date hereof. Advice apropos these and added factors can be begin in the Company’s filings with the SEC, including its Forms 10-K, 10-Q, and 8-K, which can be acquired on the SEC’s website at http://www.sec.gov.
Investor Relations Contact:
Derek Gradwell MZ Group SVP Accustomed Resources Phone: 512-270-6990 Email: firstname.lastname@example.orgWeb: www.mzgroup.us
SOURCE: Amazing Energy Oil and Gas Co.
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