AMAZING ENERGY OIL AND GAS, CO. (OTCMKTS:AMAZ) Files An 8-K Bankruptcy or Receivership

Bankruptcy or Receivership.

On April 6, 2020 Amazing Energy Oil & Gas, Co. (the “Company”) filed Chapter 11 Bankruptcy petitions, in the Southern District of Mississippi, for three (3) of its wholly owned subsidiaries. Those three subsidiaries placed into Bankruptcy are: Amazing Energy, LLC (“AE”), Amazing Energy Holdings, LLC (“AEH”) and Amazing Energy MS, LLC (“AEMS”). AE, AEH and AEMS are the entities that own and operate the Company’s holdings in Texas, New Mexico and Mississippi. The Company itself has not filed for Bankruptcy protection in any jurisdiction.

About AMAZING ENERGY OIL AND GAS, CO. (OTCMKTS:AMAZ)

Amazing Energy Oil and Gas, Co. is an independent energy company. The Company is engaged in the business of exploration, development and production of oil and gas in the Permian Basin of West Texas. The Company is also engaged in the production and sale of oil and natural gas. The Company is developing resource potential from the Queens formation. Its additional drilling targets include the Greyburg, San Andreas and Devonian zones. As of July 31, 2016, the Company had leasehold rights within approximately 70,000 contiguous acres in Pecos County, Texas, which lies within the Permian Basin. The property is located in the Northeast region of the County. The Pecos leasehold lies within the White & Baker Field and portions of the Walker Field. The Pecos leasehold consists of multiple leases. As of July 31, 2016, its estimated net proved reserves were 745,190 barrels of oil equivalent (BOE). As of July 31, 2016, the Company owned 22 oil and gas wells in the Permian Basin.