HOUSTON, June 7, 2010 (GLOBE NEWSWIRE) -- Aztec Oil & Gas, Inc. (Pink Sheets:AZGS) announced it has just finished three successful consecutive wells on the Blue Ridge Salt Dome, located in Ft. Bend County, Texas on the edge of the Houston, Texas city limits. The Blue Ridge Salt Dome has had successful wells drilled as early as the mid 1920's and has been a prolific producer ever since. "This is a great example of Aztec's Management team taking advantage of their years of experience and relationships for the purpose of positioning Aztec in this specific and prolific drilling area," stated Waylan Johnson, President of Aztec Oil & Gas, Inc.
Aztec's initial three wells, the Aztec Robinson # 115, #118 and #126, have now all been drilled, logged and cased and are currently awaiting hookup. The Aztec Robinson #118 has been field flow tested at a rate in excess of 200 barrels of oil per day. Aztec Oil & Gas, Inc. and its sponsored drilling Program partnerships hold a 42.75% working interest in the above wells and lease, and Aztec Drilling & Operating, LLC is the operator. "There are several productive zones in each well that calculate to be commercially productive. To see this type of daily production potential at less than 4,000' we believe creates a very significant opportunity for Aztec and our drilling partnerships," continued Johnson.
Mr. Johnson further commented, "The total reserves in the ground for the entire Blue Ridge lease should be a very nice addition for Aztec. We are very possibly looking at a substantial amount of oil reserves, plus a good number of additional locations to drill. While initial results from new wells are always to be viewed cautiously, these wells appear to be validated by like kind, historical results for the field."
Aztec is presently active in five Texas counties and anticipates resuming its drilling activities in the Blue Ridge Salt Dome field in approximately the next 30 to 60 days.
About Aztec Oil & Gas, Inc.
Aztec is an experienced oil and gas exploration, development and production company focusing on Texas plus other areas of the U.S. Its interests are highly diversified as exemplified by its direct corporate participation in two productive Deep Lake wells in Cameron Parish, Louisiana ranging from 13,600 feet to 14,300 feet in depth; versus its shallow, Texas, low risk, development wells for its drilling/production partnerships. Those programs/partnerships are placed by FINRA registered Broker Dealers and Registered Investment Advisors with accredited investor partners and are directed primarily at oil.
Aztec entered the sponsored drilling program industry in 2006. Over the next two and one half years, it intentionally restricted itself to only three small, very limited Appalachian drilling partnerships in order to become fully familiar with the nuances of the sponsored drilling program industry before expanding to the Company's full capabilities. In the summer of 2008, Aztec publicly announced it was discontinuing any natural gas drilling in Appalachia, and was ready to substantially expand its sponsored drilling program activities for oil and gas, primarily in Texas.
Since 2008, Aztec has focused most of its drilling on oil wells in Texas. In addition to its initial three small Appalachian drilling partnerships mentioned above, Aztec has sponsored and closed five other drilling/production partnerships (all of the latter focused on drilling in Texas). Aztec Energy LLC, a wholly-owned subsidiary of Aztec, is the Managing General Partner of all Aztec drilling partnerships and another wholly-owned Aztec subsidiary, Aztec Drilling & Operating, LLC, is the turnkey drilling contractor and operator for such partnerships. Through its own contributions, Aztec owns a 30% interest in all of its drilling/production partnerships. In general clarification of its activities, in addition to direct corporate participations, Aztec sponsors low risk, development drilling/production programs which include significant tax benefits, all of which are sold through FINRA Registered Broker Dealers and Registered Investment Advisors to Accredited Investors. Aztec's sponsored drilling/production programs focus primarily on shallow oil/gas drilling, are very unique, and also incorporate a sophisticated Exit Strategy for investors.
For more information on Aztec Oil & Gas, Inc. please visit http://www.AztecOG.com.
This release/announcement is neither an offer to sell nor a solicitation of an offer to buy securities or participations. This release/document contains certain statements, estimates, and forecasts with respect to future performance and events. All statements other than statements of historical fact included in this release/document, the Memorandum, or the Aztec website, including, but not limited to, statements regarding future performance of events, are forward-looking statements. All such forward-looking statements are based on various underlying assumptions and expectations and are subject to risks and uncertainties which could cause actual events to differ materially from those expressed in the forward-looking statements. As a result, there can be no assurance that the forward-looking statements included in this release, the Memorandum, or the Aztec Website will prove to be accurate or correct. In light of these risks, uncertainties and assumptions, the future performance or events described in the forward-looking statements in this release/document, the Memorandum, or the Aztec Website might not occur. Accordingly, investors should not rely upon forward-looking statements as a prediction of actual results. Also, Aztec Oil & Gas, Inc., its officers, principals, employees and consultants, and the other parties involved in any properties and programs have conflicts of interest; also the price received for the oil and natural gas produced from any properties may be less than quoted NYMEX prices at any given time. Aztec does not undertake any obligation to update any forward-looking statements or other information, whether as a result of new information, future events, subsequent circumstances or otherwise.