HOUSTON, July 17, 2008 (PRIME NEWSWIRE) -- Aztec Oil & Gas, Inc. (OTCBB:AZGS) filed its quarterly report on Form 10QSB with the SEC for the fiscal quarter ending May 31, 2008 on July 15th. A quick summary of the filing shows that Total Current Assets increased by 247% and Total Assets increased by 45%, while Total Liabilities increased by less than 30%, for the nine month period ending May 31, 2008 versus the previous twelve month fiscal year, ending August 31, 2007. This filing also shows Oil & Gas Revenue increasing by 35% and Net Loss decreasing by 36% for the three months ending May 31, 2008 versus the same three month period in 2007. Note: all percentages are rounded to the nearest full number.
The full report is available at www.sec.gov and on Aztec's website at www.aztecoil-gas.com.
"After a significant amount of hard work and cost cutting, Aztec is beginning to demonstrate its full capabilities as a public oil and gas firm. More and more Broker Dealers throughout the U.S. are recognizing the value of Aztec's low risk oil and gas drilling programs. The Brokers Dealers are signing on for placement of the Aztec drilling programs and we are very appreciative of their recognition and confidence in our firm," states Franklin C. Fisher, Jr., CEO and Chairman of Aztec.
About Aztec Oil & Gas, Inc.
Aztec is an oil and gas exploration, development and production company focusing on numerous areas of the U.S. It owns a minority interest in an oil and natural gas venture in various counties in Pennsylvania with 29 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 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 three producing gas wells in Oklahoma of which two are conventional wells, and the third is a horizontal, Coal Bed Methane (CBM) well. One additional Oklahoma well has been drilled and completed and is 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 sales 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. Aztec's third drilling partnership recently successfully completed two wells in Tyler County, WV, both of which are producing into pipeline. Aztec also manages this third partnership and owns a 30% interest in same. In clarification, Aztec sponsors low risk, development drilling programs, all of which are sold through Registered Broker Dealers to Accredited Investors.
For more information on Aztec Oil & Gas, Inc., please visit http://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.