Aztec Concludes 1st Drilling Program in Tx.
Aztec has completed 18 of 18 wells in the first of its seven ongoing drilling programs in Brown and Coleman Counties of Texas. Previously, on May 11, 2010, Aztec announced the success of their first well in the area, and Aztec has since entered into numerous drilling contracts for additional wells.
"We were pleasantly surprised at the amount of natural gas the wells are making along with the oil, which was our target commodity," quoted Waylan R. Johnson, President of Aztec Oil & Gas, Inc. Mr. Johnson went on to say, "In our economic models, we often use $45 per barrel of oil as the benchmark, so the volumes of gas these wells are also producing is proving to be an added bonus for our partnerships and Aztec."
Aztec presently has two drilling rigs and three completion rigs working in the area and is adding a third drilling rig within the next two weeks.