HOUSTON, July 25, 2013 /PRNewswire/ -- Aztec Oil &
Gas, Inc. (Pink Sheets: AZGS) ("Aztec") previously announced that
on July 9, 2013, it had terminated
Waylan Johnson, its President, for
cause and filed a lawsuit against Mr. Johnson and his private
firms. The Aztec Board of Directors immediately began conducting a
search for an Interim President to serve until a candidate was
selected to fill the permanent position of President.
The Board has now selected, and arrived at an agreement with, an
experienced oil industry professional to serve as Interim President
of Aztec. This person is also a qualified candidate for the
permanent position of President of the Company. The Interim
President will be installed by Aztec immediately upon the imminent
completion of a major sale/merger at his present oil industry
company; which is estimated to be within approximately two
weeks.
As also previously disclosed, Aztec expects to shortly announce
the appointment of a National Sales Manager as the search and
negotiations for that position have also been ongoing since
June 9th, when Mr. Johnson
was terminated.
"Aztec has been operating quite effectively and efficiently,
without incident, after the termination of its previous President;
and expects to continue to do so in the future. We have made
significant upgrades and changes and we are very pleased with the
selection of the Interim President. Our entire firm looks forward
to his joining the Company, as we expect and anticipate a very
bright future for Aztec," stated Ariane
Cox, Vice President of Aztec Oil & Gas Inc.
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, intermittently, 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
restricted itself to only three small, very limited Appalachian,
natural gas drilling partnerships. Such was done in order to give
the firm time 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
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.
Since 2008, Aztec has, when offered, focused almost all of its
sponsored drilling/production 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.
Another wholly-owned Aztec parent company 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. When sponsored,
such programs 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");and may contain
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. Based on various underlying
assumptions, estimates and expectations and subject to risks and
uncertainties which could cause actual events to differ materially
from those expressed in such statements, there can be no assurance
that such forward-looking statements will prove to be accurate or
correct. The future performance or events described in such
forward-looking statements might not occur. Investors should never
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. 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 time. 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 or assume any obligation(s)
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) 748-6398
Shareholders@AztecOG.com
SOURCE Aztec Oil & Gas, Inc.