Aztec Drills 6 Additional Wells in Tx.
Aztec has completed drilling six more Olmos wells on its original lease in Medina County, Texas. Aztec has now drilled and completed 18 wells on this lease in the past approximately six months. Ten of those wells are on line and the last eight wells are in various stages of completion, fracing and equipping, and are expected to be on line shortly. Several loads of produced oil have already been sold from the lease and daily production is anticipated to increase significantly when the remaining wells are put on line shortly.
As previously announced, Aztec signed agreements some months ago with Texas Secondary (a private company that started drilling in the South Central Texas area some 40 years ago) and has currently agreed to expand that Agreement to additional leases in the prolific Olmos and Austin Chalk formations.
"Being able to drill dozens of shallow wells in such a concentrated area fits right into the model that helps Aztec keep overhead low for its Limited Partners who participate in Aztec's drilling programs through the FINRA Registered Broker Dealer community. Having another core area with known reserves, such as Medina County, helps build a strong foundation for the numerous Aztec Partnerships," added Waylan R. Johnson, President of Aztec. Mr. Johnson further stated, "We anticipate incredible value in shallow oil production based on current oil prices."
Aztec is currently underway permitting 15-20 new locations (with 100+ well locations available) in Medina County and plans on immediately adding a second drilling rig.