Aztec O&G Cites Significant Growth in Year-End Results
Aztec Oil & Gas recently filed its financial results for the year ending August 31, 2009, noting that the Company has achieved significant growth over the referenced 12-month period. A quick summary of the filing shows that Total Current Assets increased by approximately 159 percent and Total Assets increased by approximately 40 percent, while Cash (as reported in Current Assets) increased by approximately 40 percent as well. Current Liabilities decreased by approximately 22 percent while Total Liabilities increased by approximately 29 percent for the year ending August 31, 2009. All of the foregoing percentages are compared to the previous twelve month fiscal year, ending August 31, 2008, and all percentages are rounded to the nearest full number.
"During the 2009 fiscal year, we disposed of all of our production interests in the state of Pennsylvania, and wrote down, or shut in, some other assets and reserves due to the nationwide decrease in natural gas pricing. We anticipate 2010 to be quite a good year for Aztec as most, if not all, of our current and future drilling is focused on the production of crude oil in the State of Texas. Our drilling programs are gaining more popularity with broker dealers and investors and, while the natural gas market seems uncertain, the future of the crude oil market looks very bright. As a result of the foregoing, Aztec should do very well in 2010," stated Waylan R. Johnson, President of Aztec Oil & Gas, Inc.