Aztec Oil & Gas Reports on Quarterly Financial Results
Aztec Oil & Gas has filed its quarterly financial statements and disclosure, through the OTC Disclosure and News Service, for the quarter ending February 30, 2009. It will be, subsequently, filing the same information through the SEC EDGAR service.
The quarterly results showed marked improvement as compared with the same quarter of 2008. Oil and gas Revenues increased by approximately 485% over the same quarter last year. Net Loss decreased dramatically for the same period -- dropping from $157,099 for the 2008 quarter down to $17,300 or by approximately 89% for the latest quarter ending February 28, 2009.
"A lot of hard work by many people is beginning to pay off for Aztec, even in this period of low oil and natural gas prices. We know how to operate successfully in this environment and we are continuing to favorably expand Aztec's business and opportunities,'' stated Franklin C. Fisher, Jr. CEO and Chairman of Aztec Oil & Gas, Inc.
Aztec is an oil and gas exploration, development and production company focusing on numerous areas throughout the US. It owns a minority interest in a 29-well oil and natural gas program in Pennsylvania with all of the wells presently producing into pipelines. Aztec also owns a minority interest in two Deep Lake wells in Cameron Parish, Louisiana ranging from 13,600 feet to 14,300 feet in depth with both wells producing significant quantities of natural gas. Aztec additionally owns a minority interest in one productive well in Wharton County, Texas and one well in the Barnett Shale play area located in Wise County, Texas. The Wise County well had good initial oil and gas shows, is producing, but is experiencing operational difficulties and Aztec has gone ``non-consent'' on this well. Aztec has a minority interest in three producing gas wells in Oklahoma of which two are conventional wells, and the third is a horizontal, Coal Bed Methane (CBM) well.
In 2007, through its wholly-owned subsidiaries, Aztec Energy, LLC and Aztec Drilling & Operating, LLC, Aztec completed and now manages a successful four (4) well oil and gas drilling program in Doddridge County, West Virginia in which it owns a 30% interest. Aztec Energy, LLC also manages a second Aztec drilling partnership, drilled by Aztec Drilling & Operating in Tyler County, West Virginia, in which it owns a 30% interest. In 2008, Aztec's third drilling partnership subsequently successfully completed two wells in Tyler County, WV, both of which are producing into pipeline. Aztec Energy, LLC also manages this third partnership and owns a 30% interest in same. The Corporation's fourth drilling partnership, Aztec VIIIA Oil & Gas, LP, focuses on drilling in Texas and is participating in four wells. One of the wells was drilled, completed and is already producing into sales pipeline. The other three wells were 'spudded' prior to March 31, 2009 with completion anticipated shortly. Aztec also owns a 30% interest in this latter partnership and acts as its managing partner. In general clarification of its activities, Aztec sponsors low risk, development drilling programs which include significant tax benefits, all of which are sold through Registered Broker Dealers to Accredited Investors. Aztec's drilling programs are unique and also incorporate a sophisticated exit strategy for investors.