HOUSTON, April 30, 2007 (PRIME NEWSWIRE) -- Aztec Oil & Gas, Inc. (OTCBB:AZGS) 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.