Aztec Oil & Gas announced today the progress of two of its partnerships formed under the Aztec VIII Oil & Gas Drilling Program which is now closed to subscriptions. The Aztec VIII-B Partnership closed June 17, 2009 and the Aztec VIII-C Partnership closed on August 31, 2009. Aztec Energy LLC acts as Managing General Partner for both partnerships and Aztec Drilling & Operating LLC acts as turnkey operator. Aztec owns a 30% interest in each Partnership.
Aztec has over 100 developmental drilling locations available in the following counties: McMullen (South Texas), Medina (Southwest Central Texas), Liberty and Ft. Bend (Upper Gulf Coast Texas), Navarro (East Texas) and Palo Pinto (North Central Texas). Additionally, several geological developments are underway; however, due to continued, competitive leasing, details of the activities are not disclosed. Three oil wells in McMullen County, in which the VIII-B and VIII-C Partnerships participate, are already drilled, completed and being put into production. The Ragle #3 well in Palo Pinto County, Texas has been drilled and completed and is producing from the Ellenberger formation. The Ragle #6 well has just completed drilling through the Ellenberger formation and is being logged. Both of the Ragle wells have multiple formations available for completion.
Aztec has 15-20 drilling permits in process in the above various counties and expects to have multiple rigs drilling within the next 1-3 weeks, weather permitting. Revenue to the VIII-B and VIII-C Partnerships is estimated to begin as early as December, 2009, and increase monthly from that point forward until production stabilizes.
The primary goal of Aztec's drilling programs is area diversification of multi-well investments in shallow, low risk wells with multi-zone formation potential.
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