Aztec Oil & Gas, Inc. (Pink Sheets:AZGS) announced today that,
on December 30, 2010, it closed a partnership under its Aztec XI
Oil & Gas Drilling Program, which XI Program was opened on
September 1, 2010. The partnership, "Aztec XI-B Oil & Gas LP,"
closed with approximately $10,000,000 of funding and is focused on
drilling shallow wells for oil in Texas. Aztec's wholly-owned
subsidiary, Aztec Energy, LLC, will gain a thirty percent (30%)
ownership interest in the Partnership by contribution, and will act
as the Managing General Partner. Aztec Drilling &
Operating, LLC, another wholly-owned Aztec subsidiary, will serve
as the Partnership's drilling contractor and operator. It is
anticipated that the partnership will participate in 90 to 100
wells, most, or all, of which will be in Texas.
"Aztec is very pleased about the support we have been afforded.
We are contracting, drilling and completing lots of wells, and
their results are proving our business plan to be most timely and
effective. Many of the larger firms are just now moving their focus
to oil, and we did that in late 2008 in order to protect Aztec and
its investors," stated Waylan R. Johnson, President, Aztec Oil
& Gas, Inc.
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 between exploration
drilling and development drilling; however, when it offers
drilling/production partnerships, Aztec focuses primarily on
shallow, Texas, low risk, development wells. When offered, those
programs/partnerships are placed only by FINRA registered Broker
Dealers and Registered Investment Advisors with accredited investor
partners, and are focused primarily on oil, with natural gas
normally a secondary target.
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, primarily for oil in Texas.
Since 2008, Aztec has, indeed, focused most of its drilling
partnerships on oil wells in Texas. In addition to its initial
three small Appalachian natural gas drilling partnerships mentioned
above, Aztec has, intermittently, sponsored and closed eight other
drilling/production partnerships (all of the latter focused on
drilling for oil 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 drilling contractor and
operator for such partnerships. Through its own participation
and contributions, Aztec owns a 30% interest in all of its
drilling/production partnerships. In general clarification of
its activities, in addition to its own direct corporate
participations in industry partner wells, Aztec sometimes sponsors
low risk, development drilling/production programs which include
significant tax benefits, all of which are placed only through
FINRA Registered Broker Dealers and Registered Investment Advisors
to Accredited Investors. Aztec's sponsored drilling/production
programs, when offered, focus primarily on shallow oil/gas
drilling, are considered unique, and also incorporate a
sophisticated exit strategy for investors.
Please feel free to visit Aztec on the web at www.AztecOG.com.
An option is provided on the website to join the Aztec (corporate)
mailing list and receive up to date information on general Aztec
activities, including all Aztec press releases.
This release/announcement/document is neither an advertisement,
an offer to sell, nor a solicitation of an offer to buy securities,
Units or participations of Aztec. 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/announcement/document, a
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/document, a
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, a Memorandum, or the Aztec
Website might not occur. Accordingly, investors should not rely
upon forward-looking statements or historical performance as a
prediction or indicator of actual or future results. Also, Aztec
Oil & Gas, Inc., its officers, principals, employees, agents,
subsidiaries, affiliates and consultants, and the other parties,
investors, shareholders, partnerships and partners involved in any
properties, programs, partnerships and Aztec activities have
conflicts of interests. The price received for the oil and natural
gas produced from any investments, activities, properties may be
less than quoted NYMEX prices at any given times. Specific results,
yields, benefits, etc. are not guaranteed by us and are subject to
risks and limitations inherent in the energy industry and/or
described in any PPM and elsewhere. Aztec does not undertake any
obligation to update any forward-looking statements, facts or other
information, whether as a result of new information, future events,
subsequent circumstances or otherwise.
CONTACT: Phoenix IR Associates
Investor Relations
Tony Drake
(281) 579-1602
Shareholders@AztecOG.com
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