AZT.H Aztek Energy Limited Com Npv

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A
VIOLATION OF U.S. SECURITIES LAWS.


Spartan Exploration Ltd. ("Spartan"), a private oil and gas company with
operations in Saskatchewan and Alberta, and Aztek Energy Ltd. ("Aztek") (TSX
VENTURE:AZT.H) are pleased to announce that Aztek and Spartan have entered into
an agreement, on a bought deal private placement basis, with a syndicate of
underwriters co-led by GMP Securities L.P. and Clarus Securities Inc., and
including CIBC World Markets Inc., Research Capital Corporation, Macquarie
Capital Markets Canada Ltd., FirstEnergy Capital Corp. and Captus Partners Ltd.
(collectively, the "Underwriters") for an offering of 59,000,000 subscription
receipts ("Subscription Receipts") of Aztek at a price of $0.17 per Subscription
Receipt (the "Offering"). In addition, Aztek has also granted the Underwriters
an option (the "Over-Allotment Option"), exercisable up to 48 hours prior to the
closing of the Offering, to purchase an additional 8,850,000 Subscription
Receipts at a price of $0.17 per Subscription Receipt. If the Over-Allotment
Option is exercised in full, the aggregate gross proceeds from the Offering will
be approximately $11.5 million.


As previously announced, Spartan and Aztek have entered into an arrangement
agreement (the "Arrangement Agreement") pursuant to which Spartan will acquire
all of the issued and outstanding common shares ("Aztek Shares") of Aztek on the
basis of 0.0805 of a common share of Spartan (a "Spartan Share") for each 1.0
Aztek Share by way of a plan of arrangement (the "Arrangement").


The gross proceeds of the Offering will be held in escrow pending the completion
of the Arrangement. If the Arrangement is completed and certain other conditions
are satisfied on or before February 1, 2010, the proceeds will be released to
Aztek (or as otherwise directed by Aztek). If the Arrangement is not completed
by February 1, 2010, the Arrangement Agreement is terminated at an earlier time
or it is otherwise determined that the Arrangement will not be completed,
holders of Subscription Receipts will receive a cash payment equal to the
aggregate subscription price of the Subscription Receipts and any interest that
was earned thereon during the term of the escrow.


Closing of the Offering is expected to occur on or about December 22, 2009 and
is subject to customary conditions and regulatory approvals. The net proceeds of
the Offering will be used by Spartan upon completion of the Arrangement to fund
ongoing exploration and development activities and for general corporate
purposes.


Provided that the Arrangement is completed on or before February 1, 2010 and
certain other conditions have been satisfied, each Subscription Receipt will
entitle the holder thereof to receive, without the payment of any additional
consideration and without any further action on the part of the holder thereof,
one Aztek Share immediately prior to the effective time of the Arrangement,
which Aztek Shares shall be exchanged under the Arrangement for Spartan Shares
on the basis of 0.0805 of a Spartan Share for each Aztek Share.


It is a condition to completion of the Arrangement that the Spartan Shares be
listed on the facilities of a recognized Canadian stock exchange in conjunction
therewith. In connection with the completion of the Arrangement, the Aztek
Shares shall be delisted.


Completion of the Arrangement is also subject to receipt of the approval of 66
2/3% of the Aztek shareholders voting in person or by proxy at a meeting of the
Aztek shareholders to be held to consider the Arrangement, as well as customary
court, regulatory and exchange approvals. The information circular to be mailed
to Aztek shareholders will contain detailed information in respect of the
Arrangement, Spartan and Aztek.


Pembina Farm in Adds Cardium Drilling Inventory

Spartan is also pleased to announce that it has entered into a farm in agreement
in the Pembina area of central Alberta. The farm in agreement provides Spartan
with access to an additional 6.0 net sections of mineral rights that are
prospective for horizontal development in the Cardium.


The farm in allows Spartan to augment its existing Cardium development program.
With the addition of the farm in lands, Spartan now has access to 13.5 net
sections of land in the Cardium area and an inventory of 57 net horizontal
drilling locations targeting the Cardium. Any farm in lands earned by Spartan
under the agreement will be at a 100% working interest. In certain cases the
farmor has the right to elect to participate for up to a 20% working interest.
Under the terms of the farm in agreement, Spartan has committed to drill one
horizontal well targeting the Cardium formation and will thereafter have a
rolling option on the remaining lands. Assuming Spartan exercises all of its
options under the farm in agreement, Spartan would have to drill a total of 7
horizontal wells in order to earn all the lands under the agreement.


About Spartan

Spartan, a privately held corporation based in Calgary, Alberta, has been
engaged in the business of acquiring crude oil and natural gas properties and
exploring for, developing and producing oil and natural gas in western Canada
since mid 2008. Upon completion of the Arrangement, Spartan will be uniquely
positioned with a significant position in each of the three leading oil resource
plays in western Canada, being the Bakken light oil resource play in southeast
Saskatchewan, the Lower Shaunavon medium gravity oil resource play in southwest
Saskatchewan and the Cardium light oil play in central Alberta.


About Aztek

Aztek Energy Ltd. is a junior oil and gas company formed to generate and develop
its own prospects, acquire oil and gas properties and participate with joint
venture partners in oil and gas exploration and development in the Western
Canadian Sedimentary Basin. The Aztek Shares trade on the NEX board of the TSX
Venture Exchange under the symbol AZT.H.


READER ADVISORY

Statements in this joint press release contain forward-looking information
including, without limitation, timing and completion of the Arrangement and the
Offering, estimated potential of the Bakken, Lower Shaunavon or Cardium resource
plays, the listing of the Spartan Shares on a recognized Canadian stock exchange
and ongoing corporate strategy, benefits of the Arrangement and the use of
proceeds of the Offering. Readers are cautioned that assumptions used in the
preparation of such information may prove to be incorrect. Events or
circumstances may cause actual results to differ materially from those
predicted, a result of numerous known and unknown risks, uncertainties, and
other factors, many of which are beyond the control of Spartan and Aztek. These
risks include, but are not limited to; the risks associated with the oil and gas
industry, commodity prices and exchange rate changes. Industry related risks
could include, but are not limited to; operational risks in exploration,
development and production, delays or changes in plans, risks associated to the
uncertainty of reserve estimates, health and safety risks and the uncertainty of
estimates and projections of production, costs and expenses and access to
capital. The risks outlined above should not be construed as exhaustive. The
reader is cautioned not to place undue reliance on this forward-looking
information. Neither Spartan or Aztek undertakes any obligation to update or
revise any forward-looking statements except as expressly required by applicable
securities laws.


Certain of the information contained in this joint press release assumes that
Spartan has completed the Arrangement on the anticipated basis and times set
forth herein. The Arrangement is subject to the receipt of the approval of the
shareholders of Aztek, the approval of the Court of Queen's Bench for the
province of Alberta as well as all other necessary regulatory approvals. The
anticipated listing of the Spartan Shares on a recognized Canadian stock
exchange is subject to the conditional approval of that stock exchange and
Spartan satisfying the listing requirements and all other requirements of such
exchange.


This press release does not constitute an offer to sell or a solicitation of an
offer to buy any of the securities described herein. The securities have not
been and will not be registered under the United States Securities Act of 1933,
as amended (the "U.S. Securities Act"), or any state securities laws and may not
be offered or sold within the United States or to United States Persons unless
registered under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.

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