Aztec Oil & Gas announced today that its newest drilling partnership, the Aztec VIII A Oil & Gas LP, has successfully participated in a second successful natural gas well in Goliad County, Texas.
The West Powell #2 well was drilled to an approximate depth of 1,750 feet. The well encountered two Miocene gas sands, one at 1,655 feet (lower zone) and the other at 1,542 feet (upper zone). The lower zone sand is 33 feet thick and the upper zone sand is 28 feet thick. The lower zone will be produced first and the upper zone will be completed and produced after the lower zone is fully production depleted.
Currently the lower zone of this well is estimated to be produced at a restrained flow rate of 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 should be between 320,000,000 and 530,000,000 cfg, or 3/10(ths) 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 the previously announced West Powell #1 and this West Powell #2 well, Aztec Oil & Gas and Resaca Resources (Operator for Aztec) have identified and spudded two (2) additional well locations that are direct analogs of the West Powell #1 and #2. It is anticipated that these potential wells will be drilled immediately.
"The West Powell #1 and #2, and the confirmation of the two 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 we did in this instance. Aztec's focus always remains on making the most money for its shareholders and investor partnerships in every situation,'' stated Waylan R. Johnson, President of Aztec Oil & Gas, Inc.
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