Aztec to Drill Additional Wells in Texas
Aztec announced a second successful completion in the Marble Falls Formation in Palo Pinto County. Aztec has partnered with G & F Oil in developing low risk, multi formation shallow wells in and around Palo Pinto and Jones Counties as one of several Aztec areas of focus in Texas.
"Aztec again is duplicating their blueprint for success by teaming up with local operators in an area where the local operator has been drilling and producing profitably for years. Aztec is successfully exploiting one of the earliest forms of the energy business, shallow vertical oil wells," stated Waylan Johnson, President of Aztec.
Aztec has contracted to drill two more wells in Jones and Palo Pinto County beginning immediately, and holds approximately 45% Working Interest in both of these latest two new projects. Drilling shallow wells in North Central Texas with multiple, proven target zones allows Aztec to anticipate and schedule toward our 5-7 year exit strategy when we suggest divestiture of the properties to our investors.
"Being able to drill these wells and put them into production inexpensively in conjunction with 2-4 proven zones behind pipe allows Aztec to anticipate producing the wells for several years and then, through the sale of the proven production and reserves, create the most cash value for our LP investor partners with our sophisticated Exit Strategy," added Mr. Johnson.
Aztec has ongoing negotiations for several properties in the North Central Texas area that can add an even more significant amount of locations to our already growing inventory of low risk developmental drilling sites.