Aztec O&G announced a Wilcox discovery in Liberty County, Texas. Aztec owns approximately 12.5% Working Interest in the Pelican #1 well drilled and completed in the second quarter of 2011.
The Pelican #1 well was drilled to approximately 9,200' to test a 200 acre Wilcox age closure. Logging and testing proved up a discovery in the Sherwood formation in excess of a 1,000 acre productive area. Third party geology reports estimate potential reserves of the structure upwards of 12 bcf and 250,000 barrels of oil.
"These types of wells add impressive value to Aztec's interests and those of our partnerships when included with the shallow, developmental wells we continuously drill," stated Waylan Johnson, President of Aztec Oil & Gas, Inc. He further stated, "When you can drill a well less than 10,000' in depth and can identify approximately $50 million worth of product, it helps build reserves quickly."
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