Aztec Oil & Gas Completes Funding of Newest Drilling Partnership
Aztec Oil & Gas has closed and completed funding of its newest drilling limited partnership VIII B, with approximately $2 million dollars. The multi-well partnership, which will focus on oil well drilling in Texas, is expected to commence drilling immediately.
Aztec Oil & Gas, Inc., through its wholly-owned subsidiary, Aztec Energy, LLC, will retain 30% (thirty percent) ownership and will act as the Managing General Partner. Another wholly-owned subsidiary, Aztec Drilling & Operating, LLC, will serve as the Partnership's drilling company and operator.
"Our recent VIII A partnership accomplished four very nice Frio formation wells and achieved a 100% drilling success rate. The new VIII B partnership will focus on drilling shallow oil wells in Texas. We anticipate considerably more wells being drilled in this VIII B partnership, and estimate a high success rate in this program as well. We believe the timing could not be better for our investors," stated Waylan R. Johnson, President, Aztec Oil & Gas, Inc.