HOUSTON, Nov. 9, 2012 /PRNewswire/ -- Aztec Oil & Gas,
Inc. (Pink Sheets: AZGS) announced in recent months, it publicly
filed its quarterly results for its quarter ending May 31, 2012. Aztec's fiscal year ends
August 31, 2012, and it is in the
process of conducting its full fiscal year certified audit.
A few of the Consolidated Balance Sheet highlights of the
quarter ending May 31, 2012, as
compared to August 31, 2011 are:
Oil & Gas Properties (successful methods, net of
accumulated depletion) increased 32% from $13,850,268 to $18,275,932; while Total Assets increased
34.6% to $26,918,796 from
$19,994,249. Total Long Term
Liabilities decreased 4.9% to $808,890 from $850,675; and Total Liabilities decreased
to $3,555,648 from $3,586,240. Total Equity increased 42.4%
to $23,363,148 from $16,408,009.
Aztec's Consolidated Statement of Operations shows Oil
& Natural Gas Sales increasing 43.6% for the three (3)
months ending May 31, 2012 as
compared to the same three month period of 2011. For the nine
(9) months ending May 31, 2012,
Oil & Natural Gas Sales increased 74.2% to $2,392,083 compared to the like period in 2011.
Net Loss decreased by 38.1% to $319,659 for the three (3) months ending
May 31, 2012 as compared to the
comparable three months of 2011. It might be noted that
Aztec's earnings are impacted by, among other things, favorable
non-cash write-offs attributable to its increasing drilling and
production activity.
"Aztec continues to keep its focus on building assets, equity
and cash flow, and we believe the positive results will continue
well into the future, in spite of fluctuations in oil and gas
prices," stated Ariane Cox, Vice
President of Aztec Oil & Gas, Inc. Ms. Cox went on to state,
"Aztec's sponsored programs are becoming better known all the time,
and the broker dealer community has responded very favorably."
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
fortuitously and 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
contractual 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.
