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Aztec Oil & Gas Announces Completion of Four New Wells in Doddridge County, West Virginia
Apr 30, 2007 08:31:23 (ET)
HOUSTON, Apr 30, 2007 (*********wire via COMTEX) -- Aztec Oil & Gas, Inc. (AZGS, Trade ) announced today that the Company has completed drilling 4 wells in Doddridge County, West Virginia, all of which have tested to be productive. All 4 wells have been completed, are awaiting a workover rig for "clean-up," and should be producing into pipeline and/or tanks by May 15th 2007.
The four wells in Doddridge County are the first wells drilled under Aztec's recently announced new drilling partnership, the Aztec Oil & Gas 2006A Oil & Gas Drilling Partnership which Aztec entered into in January 2007 with approximately 20 outside investors. That partnership aims to further diversify Aztec Oil & Gas' exploration, drilling and production portfolio through new wells in oil and gas-rich northern West Virginia, which is part of the Appalachian Basin, believed to contain one of the United States' largest under-explored domestic reserves of crude oil and high BTU-grade natural gas.
In this new Partnership, Aztec Oil & Gas, Inc., through its wholly-owned subsidiary, Aztec Energy, LLC, will retain thirty percent (30%) ownership and will act as the Managing General Partner. Another Aztec subsidiary, Aztec Drilling & Operating, LLC, will serve as the Partnership's drilling company and operator.
Following a full suite of initial open hole logging on the four wells, Aztec commissioned a volumetric reserve report on the wells. That report, by a well-known, West Virginia certified petroleum geologist, extremely experienced and familiar with the area and formations involved, calculated the combined, recoverable reserves for all four (4) wells at 1.915 Billion Cubic Feet of gas and 50,080.36 Barrels of oil. The geologist further stated in the written report, "It is my opinion that these formations will out-perform the reserve calculations."
Kirk Blackim, President of Aztec Oil & Gas, Inc. commented, "We are extremely pleased with the results of these four wells, and while present performance is no guarantee of the future, we believe the results of these wells speak loudly regarding the talent, skill and potential of Aztec, its associates and partners. That is what distinguishes and defines Aztec as a company."
About Aztec Oil & Gas, Inc.
Aztec is an oil and gas exploration and production company focusing on numerous areas of the U.S. It owns a minority interest in a 40-well oil and natural gas drilling program in McKean, Potter, Clearfield and Cambria counties in Pennsylvania where drilling of all wells is nearing completion and approximately half of the wells are already producing into pipelines. Aztec also owns a minority interest in two Deep Lake wells in Cameron Parish, Louisiana ranging from 13,600 to 14,300 feet in depth. Both wells are now flowing commercial quantities of natural gas into pipelines. Aztec additionally participated in drilling one well in Wharton County, Texas which is currently producing oil and natural gas; and one well in the Barnett Shale play area of Texas which had good initial oil and gas shows, but is experiencing mechanical problems. Aztec has a minority interest in two gas wells in Oklahoma which have been drilled, completed and are awaiting pipeline hookups. One is a conventional well, and the second is a horizontal, Coal Bed Methane (CBM) well. Additional wells and drilling are presently being analyzed. Through its subsidiaries, Aztec Energy, LLC, and Aztec Drilling & Operating, LLC. Aztec is also drilling in the Doddridge County area of West Virginia.
For more information on Aztec Oil & Gas, Inc., please visit www.aztecoil-gas.com .
The statements contained in this news release that are not historical facts may be statements regarding the Company's future that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe the Company's hopes, plans, objectives, goals, intentions or expectations are all forward looking statements. Any such statements made herein about the Company's future are only made as of the date of this news release. Numerous factors, many of which are beyond the Company's control, may affect actual results. Also, the price Aztec Oil & Gas, Inc., and the other parties involved in these properties, receive for the oil and/or gas produced on their properties may be less than quoted NYMEX prices at any given time. The Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.
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Aztec Oil & Gas, Inc. Announces Departure of Blackim
Sep 5, 2007 12:09:46 (ET)
HOUSTON, Sep 5, 2007 (*********wire via COMTEX) -- Aztec Oil & Gas, Inc. (AZGS, Trade ) announced today that it has accepted the resignation of Mr. Kirk Blackim as president and director of Aztec effective September 5, 2007.
In addition to his duties at Aztec, Mr. Blackim has been actively involved in the midstream business with Clear Creek Energy Services, which gathers, compresses, treats and processes natural gas. Mr. Blackim is resigning as president and director of Aztec in order to devote his efforts full time to pursuing his midstream business interests. He will remain available to Aztec on an ongoing consultation basis. Mr. Franklin C. Fisher, Jr., Chief Executive Officer and Chairman of Aztec, will assume the additional duties of President of Aztec.
"We hate to see Kirk leave, as he has been a real asset to Aztec during his tenure. He has been presented with some great opportunities in the midstream gas business, which is also experiencing enormous growth, and feels that is the proper move for him at this time. We wish Kirk well and look forward to working with him in the future," says Franklin C Fisher, Jr., President & Chief Executive Officer of Aztec Oil & Gas, Inc.
About Aztec Oil & Gas
Aztec is an oil and gas exploration and production company focusing on numerous areas of the U.S. It owns a minority interest in a productive 30-well oil and natural gas program in McKean, Potter, Clearfield and Cambria counties in Pennsylvania that is productive. Aztec also owns a minority interest in two Deep Lake wells in Cameron Parish, Louisiana ranging from 13,600 to 14,300 feet in depth, both of which are productive. Aztec additionally participated in one well in Wharton County, Texas that is currently producing and one well in the Barnett Shale play area of Texas that had good initial oil and gas shows and is producing, but experiencing mechanical problems. Aztec has a minority interest in two gas wells in Oklahoma that have been drilled, completed and are awaiting immediate pipeline hookup. One is a conventional well, and the second is a horizontal, Coal Bed Methane (CBM) well. Two additional wells have currently been drilled and are awaiting evaluation.
Through its wholly owned subsidiaries, Aztec Energy, LLC, and Aztec Drilling & Operating, LLC, Aztec recently drilled four (4) successful wells in Doddridge County, West Virginia under its first, sponsored "outside investor" drilling partnership (Aztec 2006A Oil & Gas Drilling Partnership). All four wells are presently producing and selling both natural gas and oil.
For more information on Aztec Oil & Gas, Inc., please visit www.aztecoil-gas.com .
The statements contained in this news release that are not historical facts may be statements regarding the Company's future that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe, but are not limited to, the Company's hopes, plans, objectives, goals, intentions or expectations are all forward looking statements. Any such statements made herein about the Company's future are only made as of the date of this news release. Numerous factors, many of which are beyond the Company's control, may affect actual results. Also, the price Aztec Oil & Gas, Inc., and the other parties involved in these properties, receive for the oil and/or gas produced on their properties may be less than quoted NYMEX prices at any given time. The Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.
Related Quotes Sym. Price Chg. AZGS Trade News 0.076 0 Aztec Oil & Gas Announces Another New Drilling Partnership
Nov 27, 2007 08:30:44 (ET)
HOUSTON, Nov 27, 2007 (*********wire via COMTEX) -- Aztec Oil & Gas, Inc. (AZGS, Trade ) announced that the Company has recently completed funding of its second drilling partnership under its extended 2006 Drilling Program which is now concluded. The second partnership under the 2006 Program, Aztec 2006B Limited Partnership, was closed as planned with approximately 15 outside "accredited" investors and slightly in excess of $1 million of funding. The new drilling partnership, focused in the Tyler County area of West Virginia, has already drilled two new wells in the partnership with fracing and completion of said wells scheduled in approximately two weeks. Downhole logs indicate that both wells will be good producers with substantial reserves. It is anticipated that production into pipeline from both wells will begin sometime in December 2007.
In this new Partnership, Aztec Energy, LLC, a wholly-owned subsidiary of Aztec Oil & Gas, Inc., has retained a thirty percent ownership and will act as the Managing General Partner. Another Aztec subsidiary, Aztec Drilling & Operating, LLC, serves as the Partnership's drilling company and operator.
Franklin Fisher, CEO and Chairman of Aztec Oil & Gas, Inc. says, "Aztec's goal with this Partnership is the same as with all of our endeavors: to initiate, participate in and purchase oil and gas interests utilizing strategies that seek to manage and reduce the risk associated with traditional exploration and production operations, thus building long-term shareholder equity and investor returns. We closely align Aztec's interests and those of the outside investors in our partnerships so that we are all focused on achieving maximized production for current income and/or reserves for residual asset value."
Calabasas, CA-based AFA Financial Group, LLC, a member of NASD and SIPC, acted as Managing Broker/Dealer for this transaction.
About Aztec Oil & Gas, Inc.
Aztec is an oil and gas exploration and production company focusing on numerous areas of the U.S. It owns a minority interest in a 29-well oil and natural gas drilling program in McKean, Potter, Clearfield and Cambria counties in Pennsylvania with approximately two-thirds of the wells already producing into pipelines. Aztec also owns a minority interest in two Deep Lake wells in Cameron Parish, Louisiana ranging from 13,600 to 14,300 feet in depth with both wells selling commercial quantities of natural gas into pipelines. Aztec additionally owns a minority interest in one well in Wharton County, Texas which is currently producing oil and natural gas; and one well in the Barnett Shale play area located in Wise County, Texas which had good initial oil and gas shows, is producing but is experiencing mechanical difficulties. Aztec has a minority interest in two gas wells in Oklahoma. One is a conventional well, and the second is a horizontal, Coal Bed Methane (CBM) well. Additional wells and drilling are presently being analyzed. In 2007, through its wholly-owned subsidiary, Aztec Energy, LLC, Aztec completed a successful four (4) well drilling program in the Doddridge County area of West Virginia which is currently producing into pipeline and tanks. Aztec Energy, LLC also is presently managing, and owns a 30% interest in, a new Aztec drilling partnership focusing on drilling in Tyler County, West Virginia.
The statements contained in this news release that are not historical facts may be statements regarding the Company's future that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe the Company's hopes, plans, objectives, goals, intentions or expectations are all forward looking statements. Any such statements made herein about the Company's future are only made as of the date of this news release. Numerous factors, many of which are beyond the Company's control, may affect actual results. Also, the price Aztec Oil & Gas, Inc. and the other parties involved in these properties receive for the oil produced on their properties may be less than quoted NYMEX prices at any given time. The Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.
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