HOUSTON, Nov. 27, 2007 (PRIME NEWSWIRE) -- Aztec Oil & Gas, Inc. (OTCBB:AZGS) 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.
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.