Amazing Energy Oil and Gas, Co. Set to Drill New Well

Terry Dunne, Chairman and CEO of Amazing Energy Oil and Gas Co. (“GCMN” on the OTCBB) is pleased to give an update on The Company’s entrance into the Oil and Gas Exploration and Production Industry, initially focusing within an approximate 70,000 acre leasehold of proven oil and gas in the oil-rich Permian Basin in Pecos County, Texas.

"The Company has successfully completed a name change with The State of Nevada to Amazing Energy Oil and Gas Co. We are expecting the approval of the requested 1 for 40 reverse split and new trading symbol in the near future,” stated Mr. Dunne.

The Company continues to drill and develop shallow wells within its approximate 70,000 acre leasehold in Pecos County, Texas. The Company is excited to announce it has applied to the Texas Railroad Commission for three new well permits, two of which have already been approved. The next new well will be the WWJD #13 and preparation of the drilling location has already begun. According to Mr. Dunne, “This well, the WWJD #13, is scheduled to begin drilling within the next four weeks. There are currently 17 wells drilled on the WWJD leases and all have been completed as producers to date. We continue to add to our infrastructure by bringing in electricity and gas compressors."

"We are just getting started on this huge opportunity we have here in Pecos County with our leasehold position,” added Mr. Dunne. “These wells are able to be drilled as close as 10 acres based on the Texas Railroad Commission field rules. With this next well we intend to go deeper to explore the formations that should also be productive in this area.”

Mr. Dunne went on to say that, "Jed Miesner, Amazing Energy Inc., founder is continuing the process of interviewing several very successful companies, some being listed on NYSE, for possible Joint Venture partners on their leasehold." Mr. Dunne and Mr. Miesner both agree that their main focus today is to get more wells drilled and online as quickly and successfully as possible.

Please also reference our website at amazingenergy.com.

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