Aztec Oil & Gas announced another successful gas well in its newest drilling partnership, the Aztec VIII A Oil & Gas LP. As with the previous two successful wells, this gas well is also located in Goliad County, Texas.
The newest well, the West Powell #3, was drilled to a total depth of approximately 1,695 feet. The well encountered two Miocene gas sands: one at 1,662 feet (lower zone); and the other at 1,535 feet (upper zone). The lower zone has seven feet of net gas sand and the upper zone has fifteen feet of net gas sand. The upper zone was the target zone, but 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 flow rate between approximately 100,000 - 300,000 cfgpd (cubic feet gas per day) into sales pipeline. Estimated reserves in this zone, utilizing the log, flow test and 3D seismic should be between approximately 100,000,000 cfg (cubic feet gas) and 150,000,000 cfg, or 1/10th to 1.5/10ths bcf (billion cubic feet) of natural gas. As stated, this was not the target zone for this well and this zone will be produced at an accelerated rate to depletion at which time the upper zone will be completed.
Using the same foregoing analytical criteria, estimated reserves for the upper zone should be approximately 400,000,000 cfg (cubic feet gas) to 700,000,000 cfg or 4/10ths to 7/10ths bcf (billion cubic feet) of natural gas. The production rate for this upper zone is estimated to be approximately 200,000 - 400,000 cfgpd (cubic feet gas per day). As with all wells, to truly calculate reserves, the zones will need to be produced for several months.
Aztec Oil & Gas, Inc. and Resaca Resources (Operator for Aztec) have identified and spudded one (1) additional well location that is a direct analog to these three previous wells. This fourth well is being drilled and completed immediately.
"We are very pleased with the results of these first three wells for the Aztec VIII A Partnership. While Aztec is presently inclined to focus on drilling oil wells for its partnerships, all potential wells are evaluated on a stringent economic, rather than emotional scale. If the economics favor a 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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