HOUSTON, July 20, 2010 (GLOBE NEWSWIRE) -- Aztec Oil & Gas, Inc. (Pink Sheets:AZGS) today announced the filing of its financial results for the quarter and nine months ending May 31, 2010. Aztec has continued to achieve significant improvement over the year end results of August 31, 2009. A limited summary of the filing shows that Total Assets increased from $3,644,001 on August 31, 2009 to $8,809,273 for the current period. Cash (as reported in Current Assets) increased from $1,206,063 on August 31, 2009 to $3,662,180 for the current period. For the same period, Total Liabilities increased by only $192,187. All of the foregoing amounts are compared to the period for the fiscal year ending August 31, 2009 and rounded.
"The winter of 2009-2010 was one of the wettest on record for Texas and caused all drilling programs and completion efforts, inclusive of ours, to experience several months of devastating delays and problems. Fortunately, due to a lot of hard work by some very dedicated and talented people, we have been able to see really significant results for Aztec's drilling programs in 2010. As a result, we anticipate reporting some very nice production and drilling results for Aztec and its drilling/production partnerships within the next several months. Aztec is presently active in seven Texas counties and the weather is finally cooperating; therefore we are making up for lost time," states Waylan R. Johnson, 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; however for its drilling/production partnerships, Aztec focuses on shallow, Texas, low risk, development wells. Those programs/partnerships are placed by FINRA registered Broker Dealers and Registered Investment Advisors with accredited investor partners and are directed primarily at oil, with natural gas normally a secondary target.
Aztec entered the sponsored drilling program industry in 2006. Over the next two and one half years, it intentionally restricted itself to only three small, very limited Appalachian drilling partnerships in order to 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 for oil and gas, primarily in Texas.
Since 2008, Aztec has focused most of its drilling on oil wells in Texas. In addition to its initial three small Appalachian drilling partnerships mentioned above, Aztec has sponsored and closed five other drilling/production partnerships (all of the latter focused on drilling in Texas). Aztec Energy LLC, a wholly-owned subsidiary of Aztec, is the Managing General Partner of all Aztec drilling partnerships, and another wholly-owned Aztec subsidiary, Aztec Drilling & Operating, LLC, is the turnkey drilling contractor and operator for such partnerships. Through its own contributions, Aztec owns a 30% interest in all of its drilling/production partnerships. In general clarification of its activities, in addition to direct corporate participations in industry partner wells, Aztec sponsors low risk, development drilling/production programs which include significant tax benefits, all of which are sold through FINRA Registered Broker Dealers and Registered Investment Advisors to Accredited Investors. Aztec's sponsored drilling/production programs focus primarily on shallow oil/gas drilling, are very unique, and also incorporate a sophisticated Exit Strategy for investors.
For more information on Aztec Oil & Gas, Inc. please visit http://www.AztecOG.com.
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. 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, the 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 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 release, the 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/document, the Memorandum, or the Aztec Website might not occur. Accordingly, investors should not rely upon forward-looking statements as a prediction of actual results. Also, Aztec Oil & Gas, Inc., its officers, principals, employees, affiliates and consultants, and the other parties, partnerships and partners involved in any properties and programs have conflicts of interests. The price received for the oil and natural gas produced from any properties may be less than quoted NYMEX prices at any given time. 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.