Spokane, Washington (FSCwire) - Terry Dunne, Chairman and CEO of Amazing Energy Oil & Gas Co. (“GCMN” on the OTCBB) is pleased to announce The Company has drilled and completed the WWJD #13 well, which was first announced on November 12, 2014.  The well was fracked on Monday, December 29, 2014 using a new fracking technique that The Company first implemented in 2014.  The operator reported to the Railroad Commission in its Initial Production Completion Report dated December 31, 2014 that the well produced 148 barrels of oil and 122 MCF on an initial 24 hour flow test.  The operator’s update on Monday, January 5, 2015 reported that the well continued to flow between 120 and 130 BOPD and has produced approximately 1,082 BBLS since coming online last month.  The Railroad Commission has given the operator approval to sell the first 5,000 barrels of oil on a P8 permit.

Mr. Dunne stated that, “The Company will continue to develop the approximate 70,000 acre Pecos County, Texas leasehold with plans of expanding drilling operations into adjacent sections soon. We are very excited about our recent success in our shallow-well project. The Company continues to be a low cost per barrel producer. Unlike the shale plays that might cost several millions of dollars per well, our wells cost approximately $400,000.  We utilize conventional drilling techniques in legacy producing, shallow formations that are usually less than 2,000 ft deep, giving us an advantage during these times of price volatility, and allowing us to grow, while others are shutting down.”

According to Mr. Dunne, “Amazing Energy Oil and Gas Co. currently owns interests in 18 wells in the Permian Basin.  Although not all 18 wells are currently operating, we will be bringing them online as we continue to build our infrastructure, adding more gas lines and electric service. This is a very large project and we are focused on getting it up and running as quickly as we can.  The WWJD #13 is another great addition toward accomplishing this goal.”

Please also reference our website at amazingenergy.com.

This Press Release contains certain forward-looking statements and our future operating results could differ materially from those discussed herein. Certain statements contained in this Report, including, without limitation, statements containing the words “believes,” “anticipates,” “expects” and the like, constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. We disclaim any obligation to update any such factors or to announce publicly the results of any revisions of the forward-looking statements contained or incorporated by reference herein to reflect future events or developments.

Contact:

Amazing Energy Oil & Gas Co.
Terry Dunne, (509) 462-0315
Chairman and CEO
Terry@amazingenergy.com

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