Surge’s acquisition includes Amazing Energy’s 100% working interest in future well development in the Permian Basin, other leasehold interests and a majority shareholder ownership in Amazing Energy.
The company has been participating in oil and gas exploration activities in Texas (with leases in Pecos county, Erath county, Palo Pinto county, and Parker county) and Oklahoma (with leases in Okfuskee county) and has the leasing rights for more than 70,000 contiguous acres in the Permian Basin.
Surge Global Energy CEO Clark Morton said, "Amazing Energy has an impressive oil and gas management and development team we have come to know very well over the past year.
"Amazing Energy currently has 15 oil and gas development wells drilled and each is in various stages of completion; gas contracts, oil take-off contracts and final negotiations are being completed for all needed midstream and plant processing operations for the Permian Basis acreage."
"We are proud of what the team has accomplished to date and we are all eager to complete the funding for this project, maximize the development process and bring about an increased realization of oil and gas reserves," Morton added.
The closing of the transaction is subject to the terms and conditions in the agreement, the expectation of additional agreements to be entered into for funding, and the completion of financing for Surge’s additional oil and gas exploration properties.
