Surge Global Energy, Inc. has signed a letter of intent agreement with Amazing Energy, Inc. (Amazing Energy) of Amarillo, Texas to acquire for stock, the controlling interest in Amazing Energy. Amazing Energy controls approximately 70,000 acres of oil and gas leasehold rights in the Permian Basin, Texas. 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.

Amazing Energy, Inc. 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. While Amazing Energy's oil and gas exploration is subject to the economic risks typically associated with exploration, the acreage to be developed is in an area of current and historic production.

Tags: Inc., Surge Global Energy