Aztec to Ramp Up Production in Texas
Aztec announced that in addition to other wells in various stages of production, drilling and completion, it had spudded an additional 23 wells by March 31, 2010 to facilitate completion of three of its present drilling partnerships. It is estimated that these 23 spudded wells will complete drilling and be brought into production over the next approximately 60 to 90 days, weather permitting.
Each of the latest three Aztec drilling partnerships, which were closed in the latter part of 2009, will participate in 46 wells, which are either already producing, drilled, completed or spudded. Aztec presently has five rigs running in five different Texas counties and is negotiating for additional rigs.
"We are very pleased with our drilling results so far and we anticipate very successful future results. After all the rain, bad weather and schedule delays of this winter, we are back on schedule, met all of our partnership timing requirements, and look forward to accelerating the number of wells in which we participate and drill. The fact that we are focused on low risk oil wells in Texas has proven to be most beneficial to our firm and its partnerships," stated Waylan R. Johnson, President of Aztec Oil & Gas, Inc.