Drilling of the first well (Chagrin #Bel-43) has already been completed. According to initial projections from the operator, the well was drilled to about 3,500' and is expected to produce approximately 200 MCFD of natural gas from the Bradford, Sheffield and Tiona Sandstones. The drilling was completed and casing set on October 11, 2005. The operator is in the process of performing completion work on the well.
"Aztec has been diligently working to assemble a diverse portfolio of working interests in key oil and gas wells throughout the United States. Our participation in this 40 well drilling program in Pennsylvania further grows and strengthens our portfolio. This region in Pennsylvania has proven to hold significant reservoirs of natural gas and produced commercial wells in approximately 80% of the wells drilled, providing low downside risk. The operator of the first well drilled in this project is highly optimistic about its potential production and believes the data from this well is very consistent with the overall outlook for the area. Aztec continues to seek out promising oil and gas investment opportunities with long-term value that will enhance our return to shareholders," said Kirk N. Blackim, president of Aztec Oil & Gas.
In addition to the Pennsylvania program, in late 2004, Aztec Oil & Gas acquired a 31.283% interest in Z2, LLC. Z2, LLC owns 100% of the working interest in the 7,200+ acre Big Foot oil field in Texas. The field was first discovered by Shell Oil in 1949, developed in the 1950's, and has yielded over 22 million barrels over the past five decades. Aztec also acquired a minority interest in two Deep Lake well prospects in Cameron Parish, Louisiana. Drilling, logging, casing and completion of both Deep Lake wells have been completed to their respective approximate target depths of 14,200 and 13,600 feet. Both wells are currently being connected to pipeline. Aztec is also participating in drilling in the Barnett Shale play areas located in Cooke, Wise and Montgomery Counties, Texas; in addition Aztec is participating in two drilling projects in Wharton County, Texas, plus a number of other drilling projects in Oklahoma and Louisiana.
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