HOUSTON, Dec. 20, 2006 (PRIME NEWSWIRE) -- Aztec Oil & Gas, Inc. (OTCBB:AZGS) announced today the recent filing of its financial results for the year ending August 31, 2006. The Company has produced significant growth over the past 12-month period, posting a net profit of $1,072,954.00 or $.04 per share for the fiscal year ending August 31, 2006.
"I am very pleased with the strength of our financial results during fiscal 2006. Our year end numbers show extremely strong growth in both revenues and profits. With the revisions made to our business plan, which included the successful sale of Aztec's interest in the Z2, LLC property and continued investments in promising oil and gas properties in Texas, Louisiana and Pennsylvania, we are realizing steadily increasing income. At the same time, Aztec has also reduced its operating expenses. This has led to record revenues and profits as well as improved equity for our shareholders," said Kirk Blackim, CEO of Aztec Oil & Gas, Inc.
"The outlook for increased oil and gas production for fiscal 2007 looks very positive. We anticipate strong continued growth from the properties in which we already own interests. We also plan to implement other sections of our business plan and to continue building on the success of the past year by actively seeking out new partners for other high potential, low risk investments and oil and gas drilling programs," added Blackim.
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 located in Cooke, Wise and Montague Counties, Texas which had good initial oil and gas shows. 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.
For more information on Aztec Oil & Gas, Inc., 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 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.