Aztec Oil & Gas announced that its newest drilling partnership, the Aztec VIII A Oil & Gas LP, has successfully participated in a previously-announced natural gas well in Goliad County, Texas.
The West Powell #1 well was drilled to an approximate depth of 2,000 feet. The well encountered two Miocene gas sands, one at 1,816 feet and the other at 1,630 feet (upper zone). The lower sand was tested, but was deemed not to be commercially productive at this time because as it was too tight. The upper sand formation was tested to be commercial. The formation was perforated from 1,628 - 1,634 feet. That zone was then flow tested by FESCO for two (2) days to verify its flow rates and pressure.
Currently the upper zone of this well is estimated to have approximately twelve (12) feet of net gas thickness. The well is presently producing approximately 200,000 cfgpd (cubic feet per day) into a Duke Energy gathering system. Estimated reserves in this zone utilizing the log, 3D seismic, and the flow test could be between 300,000,000 to 500,000,000 cfg or 3/10ths to 1/2 bcf (billion cubic feet) of natural gas. As with all wells, to truly calculate reserves, the well will need to produce for several months.
Based on the success of West Powell #1, Aztec Oil & Gas and Resaca Resources (Operator for Aztec) have identified three (3) additional locations that are direct analogs of the West Powell #1. It is anticipated that these wells will be drilled in the near future.
"The West Powell #1 and the confirmation of the three additional analog locations are proving to be a successful start for the Aztec VIII A Partnership. While we presently are inclined to focus on oil drilling, both oil wells and gas wells are evaluated on a stringent economic, rather than emotional scale. If the economics favor the partnership we will drill for gas, as was the case in this instance. Aztec's focus always remains on making the most money for its shareholders and partnerships in every situation," stated Waylan R. Johnson, President of Aztec Oil & Gas, Inc.
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