Aztec O&G has completed two more wells, the Aztec Guthrie #2 and #3, in its initial 8 well program in Brown County, Texas. On May 11, 2010, Aztec announced the success of their first discovery well in this area. Aztec is currently in the process of equipping the initial two wells and placing them into production.
Initial field flow rates for the #1 well were 100,000 CFGPD/ 24 BOPD and 500,000 CFGPD/ 30 BOPD for the #2 well. The third well, the Aztec Guthrie #3, which is drilled to a deeper formation, is presently being swabbed and showing very favorable oil and gas production from the lower formation. The shallower formation, from which the #1 and #2 wells will be produced, is significantly present, uphole, in the #3 well. Through-spud drilling of the 4th well in the 8 well series commences today.
"Being able to drill wells less than 2,000 feet and see such strong results places Aztec and its drilling partnerships in a very favorable economic position," stated Waylan Johnson, President of Aztec Oil & Gas, Inc. "The ability to find 2-5 potentially productive pay zones at a total depth under 2,000 feet further supports the Aztec drilling partnership model for drilling shallow, low cost wells. Although Aztec's primary focus is oil, finding this kind of combined gas production at these depths, and possibly coupled with the potential of an end user contract, allows Aztec and its partnerships to benefit on a dual basis from each well," added Johnson.
Aztec is in a drilling venture in Brown County under which it owns 51% of the mutual interest wells being drilled in the area. The venture has thousands of acres available to drill and Aztec anticipates being in the area for many years.
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