Aztec Successfully Completes Periera #1 Onshore US

Aztec Oil & Gas has announced today the successful completion of its fourth natural gas well in Goliad County for its newest investor drilling partnership, the Aztec VIIIA Oil & Gas LP.

The Periera #1 was drilled to an approximate depth of 2,600 feet. The lower zone was tested and found to be wet. The middle zone was perforated and is flowing natural gas and the upper zone was also perforated and is flowing natural gas. As of Monday, May 11 the well was put on an 8/64ths choke, had a tubing pressure of 600 PSIG and an estimated flow rate of 208,000 cfgd (cubic feet gas per day). Pressure continues to build and the choke will be further downsized/restricted to determine optimum production limits for the well. Estimated reserves for the well, utilizing the log, 3D, seismic and flow tests should be between 330,000,000 and 575,000,000 cubic feet, or 3.3/10ths to over 1/2 bfc (billion cubic feet). As with all wells, to truly calculate reserves, the well will need to produce for several months.

"The successful completion of this fourth well will make the Aztec VIIIA Oil & Gas LP a very successful partnership. While we tend to focus on drilling oil wells for the partnerships, gas can prove to be very beneficial, if done correctly, even in these times of low pricing,'' stated Waylan Johnson, President of Aztec Oil & Gas, Inc.
 

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Brent Crude Oil : $54.33/BBL 0.81%
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