Amazing Energy Oil & Gas Co.'s (AMAZ:OTCQX) CEO, Willard McAndrew III, reported that the company achieved "effective" outcomes from recent drilling and completing of the new #30 well on its Permian Basin acreage using the open hole technique. "We are very encouraged by the results of our drilling efforts and newly employed completion techniques," he said in a news release.
With the #30 well, drilled to a depth of 1,768 feet, the company "encountered approximately 14 feet of pay zone thickness based on comparison to a southern offset well," along with "two benches of the Queen A formation," the news release noted.
After completion, the natural pressure in #30 swelled overnight, then oil began to flow. Now, without stimulation, the well is producing about 30 barrels of oil per day.
Amazing will continue well testing to determine its stabilized initial potential production rate.
In the release, the CEO highlighted that the company invested more than $1 million over the past year on "testing cores, a Halliburton rock vision log, rock and fluid property testing with special core analysis and new test wells." These new techniques, he said, produce improved results and lower Amazing's average well cost, thereby improving operational economics well by well.
McAndrew added, "We are committed to building value through the drill bit and controlling costs. Amazing will continue to communicate our measured results to investors as we progress, and we look forward to achieving new production milestones as the benchmark for our corporate growth."
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