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8-K - AMAZING ENERGY OIL AND GAS, CO. 8-K - Amazing Energy Oil & Gas, Co. | amaz_8k-17878.htm |
EXHIBIT 99.1
Amazing Energy Announces Resignation of Director Jed
Miesner
Enters Agreement to Settle Debt
PLANO, Texas / February 10, 2020 -- Amazing Energy Oil and
Gas Co. (OTC:
AMAZ) (“Amazing”,
“Amazing Energy”, or “the Company”), today
announced the resignation of Director Jed Meisner. Amazing has
entered into a settlement agreement (the “Settlement”)
with Mr. Meisner related to multiple matters.
Under the Settlement, Amazing will pay $1,800,000.00 for all
interest in three promissory notes, with combined principal
balances totaling $5,900,000. The notes are secured by deeds of
trusts encumbering the Company’s leaseholds in Pecos County,
Texas; a total of 14,606,649 shares of the Company’s Common
Stock; and non-operating working interests in certain oil and gas
wells. Additionally, Mr. Meisner, and his affiliates, will also
forgo any options, warrants and rights to contingent earnings held.
Both Amazing and Meisner have agreed to a mutual release of claims
against the other party as part of the agreement.
About Amazing Energy Oil and Gas
Amazing
Energy Oil and Gas, Co. is an independent oil and gas exploration
and production company headquartered in Plano, Texas. The
Company’s primary leasehold is in the Permian Basin of West
Texas. The Company controls over 75,000 acres between their rights
in Pecos County, Texas and assets in Lea County, New Mexico, and
Walthall County, Mississippi. The Company primarily engages in the
exploration, development, production and acquisition of oil and
natural gas properties. Amazing Energy’s operations are
currently focused in the Permian Basin and Gulf Coast regions. More
information may be found on Amazing Energy's website
at www.amazingenergy.com.
Notice Regarding Forward-Looking Statements
This
news release contains forward-looking information including
statements that include the words "believes," "expects,"
"anticipate," or similar expressions. Such forward
looking-statements involve known and unknown risks, uncertainties,
and other factors that may cause the actual results, performance or
achievements of the company to differ materially from those
expressed or implied by such forward-looking statements. In
addition, description of anyone's past success, either financial or
strategic, is no guarantee of future success. This news release
speaks as of the date first set forth above and the company assumes
no responsibility to update the information included herein for
events occurring after the date hereof. Information concerning
these and other factors can be found in the Company's filings with
the SEC, including its Forms 10-K, 10-Q, and 8-K, which can be
obtained on the SEC's website at http://www.sec.gov.
Investor Relations Contact
Derek
Gradwell
Investor
Relations
Phone:
512-270-6990
Email:
ir@amazingenergy.com
Web:
www.amazingenergy.com