HOUSTON, June 3, 2008 (PRIME NEWSWIRE) -- Aztec Oil & Gas, Inc. (OTCBB:AZGS) announced that the Company has recently completed the drilling of two new wells for its Aztec 2007A Limited Partnership. The wells, Williams #1 and #2, were drilled in the Tyler County area of West Virginia to a depth of approximately 5,000 feet each. Logs on both wells indicate substantial reserves and look very positive; therefore, fracing and completion of the wells will take place within the next ten days, weather and equipment permitting. It is anticipated that production into pipeline from both wells will begin sometime this month, June 2008.
The 2007A Partnership is the third drilling partnership sponsored by Aztec Oil & Gas, Inc. and was closed, as planned, exclusively with outside "accredited" investors through registered broker dealers. In this new Partnership, Aztec Energy, LLC, a wholly-owned subsidiary of Aztec Oil & Gas, Inc., has retained a thirty (30) 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 third Partnership is the same as with all of our endeavors: to initiate, participate in, plus purchase oil and natural 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 for Aztec and investor returns for our partnerships. 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 reserves for residual asset value."
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 program in McKean, Potter, Clearfield and Cambria counties in Pennsylvania with all of the wells presently producing into pipelines. Aztec also owns a minority interest in two Deep Lake wells in Cameron Parish, Louisiana ranging from 13,600 feet to 14,300 feet in depth with both wells producing and selling commercial quantities of natural gas. Aztec additionally owns a minority interest in one well in Wharton County, Texas which is currently producing and selling 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 producing gas wells in Oklahoma of which 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 manages a second Aztec drilling partnership focused in Tyler County, West Virginia in which it owns a 30% interest, plus the third drilling partnership, Aztec 2007A, featured in this release.
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 and natural 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.