Aztec Oil & Gas Drills More Wells on Pennsylvania Project
Aztec Oil & Gas, Inc.
|Monday, December 12, 2005
Aztec Oil & Gas, Inc. has been informed by the operator of its drilling project in Pennsylvania that a number of additional wells have been successfully drilled. Aztec previously announced in late October that it has taken a minority working interest in a program to drill up to 40 natural gas wells located in Cambria, Clearfield and Potter counties in Pennsylvania.
As previously announced, drilling of the first well has already been completed. It is now awaiting a pipeline connection. In addition, the Company is hereby announcing that the Pennsylvania Well # 2 has been spudded and the drilling was completed and casing set on October 23, 2005. The well is expected to produce natural gas from three regionally producing reservoirs. The well has been logged, and completed, and is now awaiting a pipeline connection.
Separately, Aztec says that Pennsylvania Well # 3 has been spudded and the drilling was completed to its target depth. The well has also been logged, and the well is expected to produce natural gas from three regionally producing reservoirs. The well has been completed and is also awaiting a pipeline connection.
In addition, Aztec also reports the Pennsylvania Well # 4 has been spudded and the drilling was completed to its target depth. The well has been logged, and the well is expected to produce natural gas from three regionally producing reservoirs including one not considered productive in the first three wells. The well has been completed and is also awaiting a pipeline connection.
"The Pennsylvania drilling program that Aztec has invested in and continues to invest in is exceeding our expectations," said Kirk N. Blackim, president of Aztec Oil & Gas. "Clearly the operator is making progress in drilling. We are seeing results that exceed, or which are very consistent with, the completion success rates, estimated reserves per well and future production potential that was projected when the investments were made. As we have previously noted, this region in Pennsylvania has proven to hold significant reservoirs of natural gas and has produced commercial wells in approximately 80% of the wells drilled thereby providing low downside risk."
"In broader terms, Aztec is proving adept at assembling a diverse portfolio of working interests in key oil and gas wells throughout the United States. We anticipate that we will be achieving some progress on some signature projects within the next several weeks, and as soon as we have additional updates, we look forward to updating the market with specifics."
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 in the process of being connected to pipeline. Aztec is also participating in drilling in the Barnett Shale play areas located in Cooke, Wise and Montague 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.