Aztec Closes Most Recent Drilling Partnership
Aztec Oil & Gas announced the closing, on December 31, of its most recent partnership under its Aztec X Oil & Gas Drilling Program. The partnership, "Aztec XA Oil & Gas LP", closed with approximately $3,785,000 of funding and will focus on shallow oil drilling in Texas. Aztec Oil & Gas, Inc., through its wholly-owned subsidiary, Aztec Energy, LLC, will retain thirty percent (30%) ownership and will act as the Managing General Partner. Another wholly-owned subsidiary, Aztec Drilling & Operating, LLC, will serve as the Partnership's drilling company and operator.
"In the last 9 months of 2009, Aztec has raised approximately $7 million for its drilling partnerships in a very tough economic environment. Closing out 2009 with the largest Aztec partnership to date gives us great confidence that the broker dealer community is not only recognizing and accepting the Aztec business model, but is getting behind it with their financial support. We are seeing this momentum grow with more broker dealers signing on each month, and we are most appreciative of their vote of confidence," stated Waylan R. Johnson, President, Aztec Oil & Gas, Inc.