Aztec Closes Partnership under Aztec XI Program
Aztec O&G announced that, on November 15th, it closed a partnership under its Aztec XI Oil & Gas Drilling Program, which XI Program was opened approximately 75 days ago on September 1, 2010. The partnership, Aztec XI-A Oil & Gas LP, closed with approximately $5,047,000 of funding and is focused on drilling shallow wells for oil in Texas. Aztec's wholly-owned subsidiary, Aztec Energy, will gain a thirty percent (30%) ownership interest in the Partnership by contribution, and will act as the Managing General Partner. Aztec Drilling & Operating, another wholly-owned Aztec subsidiary, will serve as the Partnership's turnkey drilling contractor and operator. It is anticipated that the partnership will participate in 30 to 70 wells, most, or all, of which will be in Texas. Aztec presently has approximately six drilling rigs active in Texas and has been achieving over a 90% success ratio.
"We project that Aztec will continue to have very nice results for 2010 and 2011, and will continue to grow and become more well known within the national Broker Dealer community whenever it may offer its Programs," stated Waylan R. Johnson, President, Aztec O&G.