Amazing Energy Oil and Gas Co.’s (OTCQX: AMAZ) board of directors has given its approval for the purchase of Jilpetco Inc., an oilfield operating and service company handling all of Amazing Energy’s current production in Pecos County, Texas.
The board of directors has agreed to trade 500,000 shares of Amazing Energy Oil and Gas Co. stock for 100% of the ownership of Jilpetco. It is anticipated the transaction will be completed before Dec. 31.
“This is a great combination,” stated Jed Miesner, CEO of Amazing Energy. “This helps Amazing Energy to become a vertically integrated exploration and production company, allowing the company greater cost control of operations. It is expected this transaction will be accretive to earnings and also add to the company’s overall profit margins. We expect to see immediate benefits from this transaction, along with the longer term benefits of having our own operating company.”