Aztec announced it is presently coring its first Austin Chalk well in Medina County, Texas. Aztec previously announced successfully drilling 18 Olmos wells in the same county. Ten of those eighteen wells are currently on line producing oil with production being sold monthly. Aztec expects to frac the final seven wells and have the entire first field lease in full production within the next three weeks.
"We are just completing the drilling of our first Austin Chalk well in Medina County, and while the Austin Chalk is only 500' deeper than the Olmos, it gives us much higher potential. This Texas County is only one of the counties in which we are presently drilling; however, it provides Aztec with another very stable and predictable area in which to operate. Having so much historical data allows Aztec to control cost and more accurately estimate the end result," stated Waylan Johnson, President of Aztec.
Aztec previously announced a drilling agreement with one of the largest, well-established local operators in Medina County, Texas Secondary Oil Company (TSOC). Mr. Johnson stated, "In addition to that agreement, we have just recently signed a Global Agreement with TSOC to drill and participate in all TSOC leases in the area, which not only gives Aztec access to hundreds of development drilling locations for years to come, but also further enhances Aztec's ability to control cost with mass. This type approach is in keeping with Aztec's long-standing business model for its drilling program partnerships."
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