HOUSTON, July 10, 2012 /PRNewswire/ -- Aztec Oil &
Gas, Inc. (Pink Sheets: AZGS) ("Aztec") recently filed is quarterly
report for the three month period ending February 29, 2012. Highlights of the quarterly
report are as follows:
Total Current Assets increased by 29.3%, from
$5,038,067 on August 31, 2011 to $6,516,429 on February 29,
2012.
Total Assets increased by 32.9%, from $19,994,249 on August 31,
2011 to $26,562,409 on
February 29, 2012.
Total Liabilities decreased by 1%, from $3,586,240 on August 31,
2011 to $3,556,259 on
February 29, 2012.
Total Equity increased by 40.2%, from $16,408,009 on August 31,
2011 to $23,006,150 on
February 29, 2012.
Oil & Gas Sales increased by 57.3%, from $474,804 for the three months ending February 28, 2011 to $746,807 for the three months ending February 29, 2012
Earnings – Aztec continued to post a net loss for the
quarter due to, among other things, very favorable non-cash write
offs attributable to its increasing drilling and production
activity.
Oil & Gas Properties, Net increased 28.4%, from
$13,850,268 on August 31, 2011 to $17,777,765 on February
29, 2012.
"Aztec continues to substantially increase its Assets, Equity
Sales, and net Oil & Gas Properties, while decreasing its Total
Liabilities, in accord with its long established business plan. We
project this trend continuing well into Aztec's future, regardless
of fluctuations in oil and gas pricing," stated Ariane Cox, Vice President of Aztec Oil &
Gas, Inc. Ms. Cox further stated, "It appears that more and more
people and publications are beginning to acknowledge Aztec, as one
of Aztec's wells was recently reported in the Discoveries section
of World of Oil & Gas Magazine."
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/rework/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/rework/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, estimates 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 ownership or
activities have various, material conflicts of interests. The
price(s) received for the oil and natural gas produced from any
investments, activities or 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.
