HOUSTON, May 14, 2012 /PRNewswire/ -- Aztec Oil &
Gas, Inc. (Pink Sheets: AZGS) ("Aztec") announced today the
successful drilling & completion of the McBride #1 and McBride
#1B wells, both located in Tyler County,
Texas.
The Hrivantz McBride #1 well was completed on approximately the
22nd of December 2011. Since the
first day of production through March
31st, the well has averaged approximately 125+ BOPD,
producing approximately 12,500 BO in the first 100 days of
production. Potential reserves of the EY-1 formation could be
upwards of 250,000 BO. The EY-1 is the first of 5 pay zones
calculated to be productive in this well. The Hrivantz McBride #1B
was an additional well drilled in this same area. This well
was drilled as an offset developmental well with multiple
productive zones.
"We are incredibly fortunate that the Aztec team has the years
of experience and relationships which afford us the opportunity to
participate in these kinds of prospects," stated Ariane Cox, Vice President of Aztec Oil &
Gas, Inc. She further stated, "When you're drilling wells less than
7,000' and finding potential reserves of 500,000+ barrels of oil,
this is very exciting for an oil company."
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 development drilling and
exploration drilling; however, when it offers drilling/production
partnerships, Aztec focuses primarily on Texas shallow, lower risk, development and
step out oil 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 the
secondary target of production.
Aztec has been in the oil/gas business since 2004, and entered
the sponsored drilling program industry in 2006. Over the
next two and one half years, beginning in late 2006, Aztec
intentionally restricted itself to only three small, very limited
Appalachian, natural gas drilling partnerships. Such was done 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 sponsored 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
significant number of other drilling/production partnerships (all
of the latter, as stated, focused primarily on drilling for oil in
Texas). Aztec Energy LLC, a
wholly-owned subsidiary of Aztec Oil & Gas Inc., is the
Managing General Partner of all Aztec drilling partnerships; and
another wholly-owned Aztec Oil & Gas Inc. subsidiary, Aztec
Drilling & Operating, LLC, is the drilling contractor and well
operator for such partnerships. Through its own
participation, contributions and coverage, 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 Oil & Gas Inc., its
subsidiaries or affiliates (collectively "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 such statements. As a result, there can be
no assurance that the forward-looking statements included in this
release/announcement/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/announcement/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, material conflicts of interests. The price(s) received for
the oil and natural gas produced from any investments, activities,
properties may be less, or more, than quoted NYMEX prices at any
given times. Specific results, yields, benefits, etc. are not
guaranteed by Aztec 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.