HOUSTON, Nov. 9, 2011 /PRNewswire/ -- Aztec Oil & Gas,
Inc. (Pink Sheets: AZGS) ("Aztec") is pleased to announce another
commercial well successfully drilled and discovered in the Blue
Ridge Field located in Ft. Bend County, Texas.
The Aztec Robinson # 311 was drilled and completed in
October 2011. This well was
Aztec's first new well drilled in the Blue Ridge field which tested the shallow
Miocene formations, versus the other formations from which Aztec is
currently producing in Blue Ridge.
Total depth drilled was approximately 3,500'.
As announced in a press release issued November 7, 2011, GulfMark Energy will be the
gatherer for all Aztec wells in the Blue
Ridge field. As a result of this new gathering
agreement, Aztec will be receiving a significant increase for its
oil sales. As an example, under the new gathering agreement
for oil sold on November 1, 2011,
Aztec would receive $105.61 per
barrel (an increase in pricing of $21.77 per barrel), over the old price of
$83.84 per barrel. This spread
will follow the EDQ (estimate daily quote) for the entire month.
Further, all production from the Aztec Robinson # 311 well will be
sold under this new pricing structure.
"The #311 well averaged approximately 50 BOPD, or more, in the
first several days of actual production with a flowing tubing
pressure of approximately 800 psi," stated Waylan Johnson, President of Aztec Oil &
Gas, Inc. He further stated, "These types of shallow, high
production potential, exploratory wells provide Aztec, and its
partnerships, with an exploration edge and a diversity from its
other lower risk development projects. Additionally, the
dynamics of the new oil sales pricing formula should give revenues
a very nice push."
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 being 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 partnerships 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.
