AMAZING ENERGY OIL & GAS, CO. (OTCQX:AMAZ)
The Permian basin, which is clearly one of the most prolific oil field areas in the United States, is a national strategic asset for the country. The exploitation of the Permian, and other shale formations in the United States, has changed not only the American oil industry, but also the worldwide energy sector and has even helped to rein in the once all-powerful OPEC. For the past two quarters, the GDP growth rate of Saudi Arabia has been negative. It is not an exaggeration to say the Permian Basin has a lot to do with this ongoing Saudi recession.
Companies that have drilled in the Permian have produced billions of dollars for their investors and there seems to be no let up in sight relative to the amount of money still to be pulled out of the Permian basin ground. Estimates for the amount of oil and gas at Permian continue to rise and it seems as if there is still as much oil left to be removed as has already been exploited. In this regard, the Permian is vastly different compared to even the richest Saudi oilfields that likely reached peak production many years ago.
While estimates of Permian reserves vary widely, many believe the area still holds between 60 and 70 billion barrels of oil, which at today’s prices is worth over $3 trillion. Yes, there is still a lot of money to be made at the Permian basin. It’s the place to be in the oil patch.
Amazing Energy Oil & Gas is currently operating in the Permian and has aggressive plans to expand its operations. While its current operations are producing only a limited number of barrels per day, its property is adjacent to some of the most prolific oil fields in North America. In particular, the Yates and El Dorado fields are both huge and if the Company’s closely located properties have even a small fraction of the amount that is still contained within these other fields, then common shares of Amazing Energy are significantly undervalued.
The Company is operated by a very experienced management team with a combined 200 years of experience within oil and gas exploration, operations and administration. Having recently purchased an associated oilfield services company the management team plans to utilize this resource to accelerate drilling in stacked pay zones that offer not only vertical drilling, but also horizontal. The Company has also expanded through acquisition adding a Kansas oilfield property that also has strong adjacent operations. While oil and gas exploration and production is inherently risky, we believe this management team is moving prudently in developing these properties.
We think it is exciting that this Company is so well-positioned in the Permian and we will be watching closely as further drilling progresses.
There’s a lot of oil still left in the Permian and there is no reason this experienced management team cannot exploit the promising properties they are targeting.
The Permian Basin – America’s New Strategic Petroleum Reserve
In late 1973, the United States experienced a significant shock by way of an oil embargo by the Organization of Arab Petroleum Exporting Countries, commonly known as OPEC. The embargo was mainly a retaliatory action for America’s support of Israel during the 1973 Yom Kippur War. But, it was not just America that was affected; supplies were also cut off to U.S. allies United Kingdom, Canada, Japan, and the Netherlands. As is outlined on Exhibit One, just before the embargo, crude oil prices were approximately $3.00 per barrel. By March of 1974, price had risen to more than $12.00 per barrel. A similar oil shock, but one that was less pronounced, was also seen during 1979. Both of these events are noted by economists as having wide lasting effects on the North American economy and were perhaps the most significant economics incidents of the 20th Century setting chain reactions of events that fundamentally changed the societies of the United States and Canada.
Exhibit One- Oil Shock Prices
Source: Energy Information Administration
In many ways, U.S. policymakers facilitated a near-perfect storm for OPEC to take advantage of the United States and to a lesser extent, Canada. Beginning in 1970, U.S. oil production experienced the start of a steep decline with energy policy vacillating between pro-domestic and pro-importation agendas. Additionally, at the end of 1971, the United States pulled out of the Brenton Woods Accord, the gold exchange standard that pegged the value of the dollar to the price of gold, causing a fall in the value of the green back. Great Britain followed suit shortly after, which further depreciated the value of the dollar. These events significantly contributed to the rationale for OPEC to implement the embargo so as to not only punish the West for its support of Israel, but to also drive up the price of oil, which had barely appreciated in value in the preceding 20 years.
The effects of the events of the early 1970s had a significant effect on the worldwide economy and the geopolitical landscape. The West began to conserve energy and the discussion finally began relative to alternative energy sources. The geopolitical situation changed dramatically with the West realizing the importance of the Arab Gulf States and the stark reality that these states, due to their huge power to control petroleum supplies, could be a threat to American economic dominance.
One of the other results of the OPEC oil embargo was the development of the Strategic Petroleum reserve. In 1975, the United States government began to stockpile petroleum in underground locations in Louisiana and Texas. The underground facilities were designed to become the world’s largest emergency energy supply with a capacity of up to 750 million barrels of oil.
America had become too dependent on foreign oil imports, a dependence that would continue to grow through 2005.
Fast forward the time clock to 2017 – the petroleum supply/demand situation in the United States is vastly different. Whereas in the 1970s, the United States imported more than half of its oil, it is today less than 25%, as is outlined in Exhibit Two. Additionally, our biggest source of foreign oil imports is also our least worrisome trading partner: Canada.
Exhibit Two – New Domestic Production Decreases Dependence on Foreign Oil
There is a compelling reason the oil supply/demand situation has turned in America’s favor. Over the past thirty years vast new oil reserves have been discovered in many parts of the United States and new technologies, such as hydraulic fracturing, have made it possible to recover vast sums of oil that had previously been locked away in rock formations. These vast new resources have become America’s new Strategic Petroleum Reserve and hold great promise to move America increasingly away from excessive dependence on oil imports from unfriendly parts of the world. No other area in North America has had more positive impact in benefiting the supply/demand situation than has the Permian Basin.
The Permian Basin – America’s True Strategic Petroleum Reserve
In the western part of Texas, stretching toward the southeastern part of New Mexico, resides a sedimentary geological formation known as the Permian Basin. Exploration of this oil rich area has fundamentally changed the energy dynamic not only in the U.S., but also worldwide. This area is outlined in Exhibit Three.
The Permian Basin is far and away the most important source of U.S. oil production. Since 1923, more than thirty billion barrels of oil have been extracted from the area. However, the area is just getting started, as it is estimated that there is still between 60 and 70 billion barrels of oil that can still be extracted. At today’s crude oil prices, this resource is worth approximately $3 trillion, according to research firm HIS Markit.
Exhibit Three – The Permian Basin – America Most Important Energy Reserves
Source: Shale Industry News
The statistics are quite remarkable because there is still more than twice as much oil left in the Permian Basin that has been extracted since exploration began near the beginning of last century. Over the past few years, estimates for Permian Basin reserves have been time and time again been revised upward and now it is thought that it could be the richest oil field in the entire world, even eclipsing the mammoth Ghawar field in Saudi Arabia. Some analysts have even published estimates showing that there are more than 70 billion barrels of recoverable oil still available in the Permian Basin.
There are certainly technological reasons for the upward revisions for Permian Basin reserves. For example, two technologies have had a huge affect on the US oil industry – hydraulic fracturing, often referred to as fracking, and horizontal drilling techniques, both of which allow for much more efficient extraction of oil from shale formations. While most of the details of these technologies are outside the scope of this report, hydraulic fracturing involves the injection of liquids under high pressure into deep rock formations. The pressure is then fractures the rock allowing the oil to pool and then be extracted. Horizontal drilling is simply the process of drilling at an angle, rather than vertically, in order to hit targets and to stimulate reserves in a way that is not possible by conventional vertical drilling. Often times, as is the case in some Permian Basin drilling, a combination of fracking and horizontal drilling are utilized in order to maximize production.
The impact of these technological changes cannot be understated. Not only have fracking and horizontal drilling fundamentally changed the U.S. oil markets, but these have also had a significant impact on the worldwide oil markets and on the entire global economy.
The Ups and Downs of the Permian Basin
As is outlined in Exhibit Four, the first Permian Basin oil boom occurred throughout the 1960s, peaking in 1973 when nearly 800 million barrels of oil were produced. Production steadily declined until about 2006 bottoming out at approximately 300 million barrels. While hydraulic fracturing had been utilized in other Texas oil areas as early as 1990, it was not until more than a decade later that fracking began to catch on in the Permian Basin. Prior to this time, fracking had mainly been used to increase natural gas recovery, and while the Permian Basin is rich in natural gas, it is primarily an oil reservoir. As fracking technologies continued to improve, hydraulic fracturing began to gain in popularity, ultimately becoming widely deployed throughout much of the Permian Basin. Beginning in approximately 2010, Permian Basin production was off to the races led by not only small independent operators, but also by some of the biggest names in oil industry including Exxon Mobil, Occidental and Conoco Phillips.
Exhibit Four – The Permian Basin Booms and Busts
Source: HIS Markit
The Growing Importance of the Permian Basin – Why It’s the Place to Drill and Produce
The importance of the Permian Basin to the U.S. oil industry cannot be underestimated. Approximately 40% of all money spent on acquiring oil expiration land in 2016 was spent within the Permian Basin. The technological advances mentioned above have made drilling in this area more profitable and practical than ever before.
Here are a few of the reasons why oil exploration and production companies are so excited about the Permian Basin:
§ Untapped Reserves – As noted above, the estimates for reserves within the Permian Basin continue to be revised upward. No one really knows just how much oil there is in the Permian, but most everyone agrees that it is at least 20 to 30 billion barrels. Additionally, there are trillions of cubic feet of natural gas.
§ Rising Prices have Made the Permian More Economical – As the price of a barrel of oil has once again risen above $50, the Permian is clearly back in play as a profitable production area. With the November 2016 OPEC production reductions, most oil analysts estimate that prices will be maintained near current levels for the foreseeable future. This expected price stability probably makes the Permian attractive over the long term.
§ Outstanding Infrastructure – West Texas is not only an excellent area for oil and gas production because there is a lot of oil and gas in the area – it’s also excellent because the infrastructure is highly developed. There are numerous established pipelines and other essential infrastructure in place that is required for production and transportation. The distance to refineries is not prohibitive and there is a large pool of very skilled labor readily available. Additionally, Texas is particularly tax friendly and has fostered one of the best business environments of any U.S. state.
The Permian Basin is not only important to energy companies, it’s also important to the United States and its development has significantly affected the worldwide petroleum market. While from the early 1980s through approximately 2014, Saudi Arabia had the role of balancing the global oil markets by way of increasing or decreasing output and thus affecting crude prices, Saudi Arabia can no longer wield such significant power. A perfect example of this are the failed attempts by OPEC to shore up prices late in 2016 via output cuts. To some extent, rising US output, particularly from Texas shale drilling has undermined its efforts, thus significantly reduced Saudi Arabia’s and OPEC’s market power.
For these reasons, the Permian is not only an important asset the oil companies, but also to the United States as a whole.
Introducing Amazing Energy Oil and Gas, Co.
Amazing Energy was first formed in 2008 as a Texas Limited Liability Company. In 2010, the Company changed its domicile to Nevada, where the Company is still registered. There have been several other transactions that created the Company as it currently operates, likely the most important of which was the 2016 acquisition of Jilpetco, Inc., a Company engaged in operating and providing oilfield services to oil and gas properties. Jilpetco, Inc. was controlled by Jed Meisner, the Chairman of the Amazing’s Board Directors.
During June of 2015, Amazing was accepted for trading on the OTCQX Best Marketplace with the symbol AMAZ. Acceptance onto this trading platform is noteworthy, in our opinion. While not considered a national trading platform in the same manner as is the NASDQ or the NYSE, the OTCQX is nevertheless quite prestigious, as listing standards are rather rigorous with many well-known companies also trading on the platform.
Certainly, trading on the “QX” is a significant upgrade from the regular OTC market. We think this adds credibility to the Company. In our opinion, management should be commended for operating the Company in a manner consistent with the high standards of this trading venue.
Amazing is current in all of its SEC filings with the most recent filing occurring on June 16, 2017. On that date, the Company reported results for the three-month period ending June 30, 2016. Amazing is also fully audited by Spokane, Washington headquartered DeCoria, Maichel & Teague P.S.
As of June 16, 2017 there were approximately 67 million shares outstanding valuing company at approximately $22 million based on the recent common share closing price.
Amazing Energy Properties
Amazing holds rights within 70,000 contiguous acres within the Permian Basin. This location is located between the Midland and Delaware Basins, both of which are parts of the Permian. As is outlined in Exhibit Five, the properties are in Pecos County, which is located in Southwest Texas.
Exhibit Five – Pecos County Locations for AMAZ’s 70,000 Acres
Source: Pecos Country, Texas Administration Office
Pecos County has a rich oil and gas production history with 1,863 producing leases operated by 192 companies. In all, there are nearly 21,000 wells drilled in Pecos County, with just over one million barrels of oil produced per month. Some of the largest companies in the oil industry are heavily involved in Pecos County production, including Apache Corporation, Chevron, Conoco Phillips, Kinder Morgan, Pioneer, and Occidental, among several others.
As is outlined in Exhibit Six, there are also several adjacent fields that have proven significant reserves with strong production. In the oil industry, having successful fields adjacent to a particular property is often a good indicator that a particular property will also have strong production if properly developed.
For example, these fields are adjacent Amazing’s primary location:
§ Yates Field – The Yates field has produced more than one billion barrels of oil, making it one of the largest in the United States. While the field is currently operating at a diminished rate, it has been highly productive since its initial development decades ago. It is estimated that there are still recoverable reserves of approximately one billion barrels – roughly equivalent to 50% of the original oil in place. It is thought that the geology present at Yates is very similar to that located at the primary Amazing property.
§ Walker Field – The Walker Field is also in close proximity. The field, which has been in production for many decades, has produced over 10 million barrels of oil. It is thought that less than 50% the original oil in place has been exploited.
§ Taylor Link Field – The Taylor Link field has been productive since its discovery in 1929. Since that time 15 million barrels of oil has come from Taylor link and while production has been curtailed over the past decade, the field still remains highly productive.
§ White & Baker Field and Priest Beavers Field – The White and Baker, and the Priest Beavers fields are other properties that are adjacent to Amazing’s initial operational target area. Likely most significant, is the White and Baker Field which has produced over five million cumulative barrels reduced since inception.
Exhibit Six – Amazing’s 70,000 Continuous Acreage Position
Source: Amazing Energy Oil and Gas, Co.
Amazing’s Current Production
Amazing is currently producing approximately 100 BOEPD (Barrels of Oil Equivalent Per Day) with between five and ten wells producing at the site. The Company owns a 77% net revenue interest. This 77% net revenue interest means that investors “carry” or bear the financial responsibility for 23%. Over the years, a total of 21 wells have been drilled on the property.
The Company’s strategy for this location is to increase production by drilling shallow, low-cost wells typically with investor involvement sharing the risk and profits. Most of the wells drilled by the Company are completed for approximately $275,000 or less at depths of approximately 2,000 feet.
During June of this year, the Company announced it is continuing to develop its Permian Basin operations within the 70,000-acre lease in Pecos County. Current field operations center on a Queen Sand (a Queen Sand Formation is relatively shallow oil containing layer and is thus relative easy to drill into) development program where the Company is working to optimize relatively shallow vertical wells while also evaluating drilling deeper wells past the Queen Sand formations, that have proven effective by vertical drilling performed in the past. It is likely the Company will seek additional financing or a joint venture with an experienced operator in order to exploit these additional targets.
The Company feels there are potentially thousands of additional potential drilling locations at the site with at least 3,500 potential locations in the single Queen Sand Formation and thousands of other potential drill locations in the other geological formations on the 70,000-acre lease. Amazing has agreed to drill a well on the property at least every six months.
Butler County Property
A very recent acquisition for the Company is an 80% net revenue interest in 848 acres in Butler County, Kansas. The acquisition also includes rights to an additional 2,300 acres around the primary property. The acreage was acquired for $600,000. The transaction closed on September 18, 2017.
Located in close proximity to the acreage are 350 producing wells in an area where over 3,600 wells have been drilled. Twelve different companies operate these producing wells. Likely the most significant of the adjacent fields is El Dorado, which has produced over one billion barrels of oil since its discovery early last century.
There is potentially an interesting geological formation known as a Horst Block at the Butler County site, which is an uplifted section of rock bound on both sides by faults. Such a formation is often indicative of a large deposit of oil that is trapped between the formations. The fault is within a unique geological formation known as the Nemaha Ridge, which is a series of faults that run approximately from Omaha, Nebraska down to Oklahoma City, Oklahoma. The fault zone is causing a segment of the earth’s crust to uplift along the ridge, creating geological formations that often trap oil. It is estimated up to four billion barrels of oil could be trapped along this area of uplifting. For this reason, the risk/reward ratio for the Butler Country property is likely very positive.
Other areas with a similar Horst Block geological formations include the prolific El Dorado field in South Eastern Kansas that has produced over one billion barrels and the Garber Field that produced 65 million barrels. There are many other fields within Horst Block zones that have also been huge producers and have been highly profitable for operators.
The Company plans to place two wells at approximately 3,500 feet deep on the property over the next year and believes these wells will produce approximately 100 barrels per day per well.
The Jilpetco Subsidiary
In 2016, the Company acquired Jilpetco, which is an oilfield services company that owns and operates drilling, completion, and work-over rigs and leases operational services equipment. While Jilpetco had in the past provided services for other companies, it is now a wholly owned subsidiary, only servicing the assets of Amazing and its related properties.
The Company brought important assets to the Amazing family including multiple rigs, trucks, trailers, and heavy equipment. Management feels positive about the acquisition because it brought to Amazing an experienced staff and vital equipment.
The Balance Sheet
The most recently published balance sheet is dated April 30, 2017. As of that date, the Company had approximately $984,000 in cash and a total of approximately $1.5 million in current assets. Based on the full cost method, oil and gas properties are listed on the balance sheet at approximately $5.5 million, yielding total assets of approximately $7.6 million.
Total current liabilities, as of April 30, 2017, were approximately $1.4 million, which includes approximately $330,000 for the current portion of convertible debt to a related party and approximately $300,000 in other notes to a related party. There is also $2.8 million for long-term convertible notes to a related party, which yields approximately $3 million in total long-term liabilities, which then equal approximately $4.3 million in total liabilities.
Please see Exhibit Seven for the April 30, 2017 balance sheet.
Exhibit Seven – April 30, 2017 Balance Sheet
Statement of Operations and Cash Flow Activities
For the three-month period ending April 30, 2017, the Company produced oilfield service revenues approximately $69,000 and oil and gas sales of approximately $71,000, for total revenue of approximately $141,000. This was up from $101,000 from the year ago period.
For the nine months ending April 30, 2017, the Company produced approximately $232,000 in oilfield services revenue and $191,000 in oil and gas sales, for total revenue of $423,000.
With total operating expenses of approximately $1.1 million for the nine-month period ending April 30, 2017, the Company experienced a loss from operations of approximately $650,000. With a slight interest income and several interest expenses, the total net loss was approximately $856,000 for the nine-month period. With approximately 64 million shares outstanding as of April 30, 2017, loss per common share, for the nine-month period was approximately $0.01.
As an early stage company we are not particularly concerned about the operating losses that were reported. Clearly, for a company like Amazing, the situation relative to cash flow is far more important. For the nine-month period ending April 30, 2017, the Company used approximately $1.1 million for operating activities and raised $170,000 and $657,000 from leasehold/mineral rights and sales of working interests, respectively. After purchases and acquisitions of property, equipment and oil and gas properties, net cash provided by investing activities was a positive $508,000. The Cash Flow Statement for the nine-month period ending April 30, 2017, is provided here as Exhibit Eight.
The Company also produced cash through sales of common stock of approximately $1.6 million, and after paying notes, netted cash provided by financing activities of approximately $1.2 million. Therefore, the net increase in cash for the nine-month period was approximately $640,000.
During May of 2016 the Company completed a 20 million share restricted stock offering for $0.26 a share and several smaller offerings, totaling approximately 6.2 million restricted shares at $0.26. These private placements raised approximately $1.8 million for Amazing.
Based on the cash position of the Company, and on an analysis of cash utilized for operating activities, we believe it is highly likely the Company will be in the market to raise cash in order to fund the potentially lucrative drilling operations it is planning.
Flow Statement for the nine-month period ending April 30, 2017
We see no reason this highly skilled management cannot be successful at Permian. The team has already demonstrated a sound ability to raise capital and based on recent developments and on the strength of the properties, we feel it is likely the Company will be able to gain the financing it needs to continue or accelerate its drilling programs.
The Company has a lot going for it – an experienced team, what appears to be a relatively strong oil sector and properties that likely have a lot of oil and gas. The common stock is not illiquid and it trades on a strong platform – the OTCQX.
The Permian is a great place to be operating and the new Kansas property seems to hold promise considering the many producing properties in close proximity.
We like this opportunity and view the market valuation as being low relative to the opportunity that is in front of this management team.
It’s one of the companies where we want to see what happens next and if there is in fact a huge amount of oil at the Pecos County, Texas site. It will be fun to watch this story develop.
Willard G. McAndrew III
In 2002, Mr. Miesner founded Jilpetco, Inc., an oil and gas operating company, as well as Petro Pro, Ltd., which is currently involved in multiple purchase and sale transactions throughout Texas, Oklahoma, Wyoming and Louisiana. Building upon his successes at Jilpetco, Inc., Mr. Miesner founded Amazing Energy, LLC in 2008 and formed Amazing Energy Oil and Gas Co. in 2010 to potentially serve as the vehicle to take the company public.
Reese B. Pinney
Executive Vice President
Thirty-five plus (35+) years of corporate, executive, and leadership roles within – existing, start up, reorganized, restructured, acquired, divested, and/or liquidated – public and/or private sector corporations, furnished the foundation for Ira E. Glasser’s track record of proven business successes.
Through management & operational expertise, growth capitalization strategy, and a “hands on” approach, Mr. Glasser successfully returned in excess of $250MM of investor capital for a hedge fund – in voluntary liquidation – with a wide range of high value, hybrid corporate assets. This diversified portfolio included such assets as vineyards/wineries; oil drilling companies, E&P, and oilfield equipment and services; renewable energy technologies; alternative gem technologies; consumer products; and steel fabrication mills among other industrial, construction, and energy assets. Assets Under Management (AUM) since 2008 have surpassed $1.20B. Mr. Glasser’s unique ability — acute identification and development of strategic, scalable platforms for companies positioned for growth and/or restructuring/reorganization, across market segments and industry disciplines — coupled with a range and depth of operational expertise, enables historical successes.
Vice President Operations
David Arndt is a seasoned executive in the oil and gas industry with over 45 years of operations, engineering and personnel management experience. David has developed drilling programs and economic studies on exploratory and development projects in North Dakota, Mid-Continent, Texas, Gulf Coast, SE Asia and in the Middle East. Prior to joining Amazing Energy Oil and Gas, Co., David was Operations Manager for Torchlight Energy Inc., and a Vice President/Manager/Senior Engineer who oversaw the drilling, completion, reworking and production operations for companies such as Conoco, Scotia Group, Sundance Resources and Petrosearch Energy Corporation. David has traveled the world but focused on the mid-continent in the USA producing from some of the largest oil and gas fields. David has a B.S. in Petroleum Engineering from Penn State University.
Robert A. Bories
We do not own these shares and have no plans to acquire, purchase, sell, trade or transfer these shares in any manner.
We have no association with anyone, or any group, with any plan to acquire, purchase, sell, trade or transfer these shares.
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