HOUSTON, May 13, 2009 (GLOBE NEWSWIRE) -- Aztec Oil & Gas, Inc. (Pink Sheets:AZGS) announced today the successful completion of its fourth natural gas well in Goliad County for its newest investor drilling partnership, the Aztec VIIIA Oil & Gas LP.
The Periera #1 was drilled to an approximate depth of 2,600 feet. The lower zone was tested and found to be wet. The middle zone was perforated and is flowing natural gas and the upper zone was also perforated and is flowing natural gas. As of Monday, May 11 the well was put on an 8/64ths choke, had a tubing pressure of 600 PSIG and an estimated flow rate of 208,000 cfgd (cubic feet gas per day). Pressure continues to build and the choke will be further downsized/restricted to determine optimum production limits for the well. Estimated reserves for the well, utilizing the log, 3D, seismic and flow tests should be between 330,000,000 and 575,000,000 cubic feet, or 3.3/10ths to over 1/2 bfc (billion cubic feet). As with all wells, to truly calculate reserves, the well will need to produce for several months.
"The successful completion of this fourth well will make the Aztec VIIIA Oil & Gas LP a very successful partnership. While we tend to focus on drilling oil wells for the partnerships, gas can prove to be very beneficial, if done correctly, even in these times of low pricing," stated Waylan Johnson, President of Aztec Oil & Gas, Inc.
About Aztec Oil & Gas, Inc.
Aztec is an oil and gas exploration, development and production company focusing on numerous areas throughout the U.S. It owns a minority interest in a 29-well oil and natural gas program in Pennsylvania. Aztec also owns a minority interest in two producing Deep Lake wells in Cameron Parish, Louisiana ranging from 13,600 feet to 14,300 feet in depth. Aztec additionally owns a minority interest in one Wharton County, Texas producer; and one Barnett Shale play area well 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 three producing gas wells in Oklahoma of which two are conventional wells, and the third is a horizontal, Coal Bed Methane (CBM) well.
In 2007, through its wholly-owned subsidiaries, Aztec Energy, LLC and Aztec Drilling & Operating, LLC, Aztec completed and now manages a successful four (4) well drilling program in the Doddridge County area of West Virginia in which it owns a 30% interest. Aztec Energy, LLC also manages a second Aztec drilling partnership focused in Tyler County, West Virginia in which it owns a 30% interest. In 2008 Aztec's third drilling partnership subsequently successfully completed two wells in Tyler County, WV. Aztec also manages this third partnership and owns a 30% interest in same. The fourth drilling partnership, referenced in this press release, focuses on drilling in Texas. Aztec also owns a 30% interest in that partnership and acts as its managing partner. In general clarification of its activities, Aztec sponsors low risk, development drilling programs which include significant tax benefits, all of which are sold through FINRA Registered Broker Dealers to Accredited Investors. Aztec's drilling programs are very unique and also incorporate a sophisticated exit strategy for investors.
For more information on Aztec Oil & Gas, Inc., please visit http://www.aztecoil-gas.com.
This presentation/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 presentation/document, any Aztec Memorandum, or the Aztec Website, including 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 the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this presentation, any Aztec 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 presentation/document, any Aztec Memorandum, or the Aztec Website might not occur. Accordingly, investors should not rely upon forward-looking statements as a prediction of actual results. Also, the price Aztec Oil & Gas, Inc., its managed partners and the other parties involved in any properties receive for the oil and natural gas produced on their properties may be less than quoted NYMEX prices at any given time. The Company does not undertake any obligation to update any forward-looking statements, whether as a result of new information, future events, subsequent circumstances or otherwise.