California and Florida-based Surge Global Energy, Inc. signed a letter of intent to acquire the controlling interest in Amarillo, Texas-based Amazing Energy, Inc. The buy will give Surge a majority shareholder ownership of Amazing Energy, and will include a 100 percent working interest in future development in Amazing Energy’s 70,000 acres of oil and gas leasehold rights in Texas’ Permian Basin, as well as other leasehold interests.
Surge Global Energy is an oil and gas exploration and development company. It has offices in Miami, Florida and Palm Desert, California.
Amazing Energy in an independent oil and gas exploration company, and has properties in the Texas counties of Pecos, Palo, Parker, Pinto and Erath, and in Okfuskee, Oklahoma. It drilled 12 wells in 2012 and currently has 15 development wells in various stages of completion.
“Amazing Energy has an impressive oil and gas management and development team we have come to know very well over the past year,” Clark Morton, Surge Global Energy CEO said in a press release. “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.”
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