HOUSTON, Nov. 14, 2011 /PRNewswire/ -- Aztec Oil
& Gas, Inc. (Pink Sheets: AZGS) ("Aztec") is pleased to
announce a Wilcox discovery in Liberty
County, Texas. Aztec owns approximately 12.5% Working
Interest in the Pelican #1 well drilled and completed in the second
quarter of 2011.
The Pelican #1 well was drilled to approximately 9,200' to test
a 200 acre Wilcox age closure. Logging and testing proved up
a discovery in the Sherwood formation in excess of a 1,000 acre
productive area. Third party geology reports estimate
potential reserves of the structure upwards of 12BCF and 250,000
BO.
"These types of wells add impressive value to Aztec's interests
and those of our partnerships when included with the shallow,
developmental wells we continuously drill," stated Waylan Johnson, President of Aztec Oil &
Gas, Inc. He further stated, "When you can drill a well less
than 10,000' in depth and can identify approximately $50 million worth of product, it helps build
reserves quickly."
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.