Amazing Energy Oil and Gas Co. (OTC: AMAZ) said April 19 it entered into two agreements to acquire an oilfield services company and a drilling capital firm.
The Amarillo, Texas-based company entered into an agreement to acquire Jilpetco Inc., which operates and provides oilfield services in the Permian Basin, from Jed Miesner, CEO and president of Amazing.
Miesner will sell 100% of the total outstanding shares of common stock in Jilpetco to Amazing for $500,000. As a result, Jilpetco will become a wholly owned subsidiary of Amazing.
Miesner said Jilpetco has operated the company's Permian wells in Pecos County, Texas, "from day one."
"We are pleased with this transaction with Jilpetco Inc. because it helps streamline the company’s interest in all aspects of operating the wells," he said in a statement.
In addition, Amazing has entered into an agreement to acquire Gulf South Securities Inc., a firm specializing in raising drilling capital. The seller and value weren't disclosed.
Gulf South will also become a wholly owned subsidiary of Amazing, the release said.
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