Aztec O&G formally announced an agreement with Texas Secondary Oil Company ("TSOC") to install a cooperative waterflood in Medina County, Texas, involving hundreds of jointly and separately owned wells.
"This project, which has been planned for over 1 1/2 years, has been intensely negotiated and reviewed over the past several months in an effort to bring it to fruition. Like most waterflood/secondary recovery projects, it took significant study and is expected to definitely increase both production and total recovery from the subjected wells," stated Waylan R. Johnson, President, Aztec Oil & Gas, Inc.
Mr. Johnson went on to state, "Our project was more difficult than many because of the two firms having varied ownership in varied groups of wells over multiple leases. This complexity was emphasized recently by certain outside parties' inability, or unwillingness, to understand the dynamics and sizable benefits, established historically, of waterfloods on well production rates and increased total recoveries. Regardless, while we could not announce the project until all the details were determined and agreed upon, our people and TSOC have worked diligently on making this all a reality, and now we are finally able to put it into effect."
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