HOUSTON, Oct. 20, 2011 /PRNewswire/ -- Aztec Oil &
Gas, Inc. (Pink Sheets: AZGS) formally announced an agreement with
Texas Secondary Oil Company ("TSOC") to install a cooperative
waterflood in Medina County,
Texas, involving hundreds of jointly and separately owned
wells.
"This project, which has been planned for over 1 1/2 years, has
been intensely negotiated and reviewed over the past several months
in an effort to bring it to fruition. Like most
waterflood/secondary recovery projects, it took significant study
and is expected to definitely increase both production and total
recovery from the subjected wells," stated Waylan R. Johnson, President, Aztec Oil &
Gas, Inc.
Mr. Johnson went on to state, "Our project was more difficult
than many because of the two firms having varied ownership in
varied groups of wells over multiple leases. This complexity was
emphasized recently by certain outside parties' inability, or
unwillingness, to understand the dynamics and sizable benefits,
established historically, of waterfloods on well production rates
and increased total recoveries. Regardless, while we could not
announce the project until all the details were determined and
agreed upon, our people and TSOC have worked diligently on making
this all a reality, and now we are finally able to put it into
effect."
About Aztec Oil & Gas, Inc.
Aztec is an experienced oil and gas exploration, development and
production company focusing on Texas plus other areas of the U.S. Its
interests are highly diversified between exploration drilling and
development drilling; however, when it offers drilling/production
partnerships, Aztec focuses primarily on shallow, Texas, lower risk, development and step out
wells. When offered, those programs/partnerships are placed, with
accredited investor partners, only through FINRA registered Broker
Dealers and Registered Investment Advisors, and are focused
primarily on oil, with natural gas normally a secondary target.
Aztec entered the sponsored drilling program industry in 2006.
Over the next two and one half years, it intentionally
restricted itself to only three small, very limited Appalachian
drilling partnerships in order to study and become fully familiar
with the nuances of the sponsored drilling program industry before
expanding to the Company's full capabilities. In the summer
of 2008, Aztec publicly announced it was discontinuing any natural
gas drilling in Appalachia, and was ready to substantially expand
its sponsored drilling program activities, along with its other
activities, primarily for oil in Texas.
As to only its drilling partnerships, when offered; since 2008,
Aztec has, indeed, focused almost all of those on oil wells in
Texas. In addition to its
early, initial three small Appalachian natural gas drilling
partnerships mentioned above, Aztec has, intermittently, sponsored
and closed a very significant number of other drilling/production
partnerships (all of the latter, as stated, focused on drilling for
oil in Texas). Aztec Energy
LLC, a wholly-owned subsidiary of Aztec, is the Managing General
Partner of all Aztec drilling partnerships and another wholly-owned
Aztec subsidiary, Aztec Drilling & Operating, LLC, is the
drilling contractor and operator for such partnerships.
Through its own participation and contributions, Aztec owns a
30% interest in all of its drilling/production partnerships.
In general clarification of its activities, in addition to
its own direct corporate participations in industry partner wells,
Aztec sometimes sponsors lower risk, development
drilling/production programs which include significant tax
benefits, all of which are offered only through FINRA Registered
Broker Dealers and Registered Investment Advisors to Accredited
Investors. Aztec's sponsored drilling/production programs,
when offered, focus primarily on shallow oil/gas drilling, are
considered unique, and also incorporate a sophisticated exit
strategy for investors.
Please feel free to visit Aztec on the web at www.AztecOG.com.
An option is provided on the website to join the Aztec
(corporate) mailing list and receive up to date information on
general Aztec activities, including all Aztec press releases.
This release/announcement/document is neither an advertisement,
an offer to sell, nor a solicitation of an offer to buy securities,
Units or participations of Aztec. This release/document contains
certain statements, estimates, and forecasts with respect to future
performance and events. All statements other than statements of
historical fact included in this release/announcement/document, a
Memorandum, or the Aztec website, including, but not limited to,
statements regarding future performance of events, are
forward-looking statements. All such forward-looking statements are
based on various underlying assumptions and expectations and are
subject to risks and uncertainties which could cause actual events
to differ materially from those expressed in the forward-looking
statements. As a result, there can be no assurance that the
forward-looking statements included in this release/document, a
Memorandum, or the Aztec Website will prove to be accurate or
correct. In light of these risks, uncertainties and assumptions,
the future performance or events described in the forward-looking
statements in this release/document, a Memorandum, or the Aztec
Website might not occur. Accordingly, investors should not rely
upon forward-looking statements or historical performance as a
prediction or indicator of actual or future results. Also, Aztec
Oil & Gas, Inc., its officers, principals, employees, agents,
subsidiaries, affiliates and consultants, and the other parties,
investors, shareholders, partnerships and partners, involved in any
properties, programs, partnerships, and Aztec activities have
various conflicts of interests. The price(s) received for the oil
and natural gas produced from any investments, activities,
properties may be less than quoted NYMEX prices at any given times.
Specific results, yields, benefits, etc. are not guaranteed by us
and are subject to risks and limitations inherent in the energy
industry and/or described in any Memorandum and elsewhere. Aztec
does not undertake any obligation to update any forward-looking
statements, facts or other information, whether as a result of new
information, future events, subsequent circumstances or
otherwise.
Contact:
Phoenix IR Associates
Investor Relations
Tony Drake
(281) 579-1602
Shareholders@AztecOG.com
SOURCE Aztec Oil & Gas, Inc.
