Aztec
Announces Improved Results
HOUSTON, TX November 9, 2012
-- Aztec Oil & Gas, Inc. (Pink Sheets: AZGS – News) announced
in recent months, it publicly filed its quarterly results for its
quarter ending May 31, 2012. Aztec’s fiscal year ends August
31, 2012, and it is in the process of conducting its full fiscal
year certified audit.
A few of the Consolidated Balance Sheet highlights of the quarter
ending May 31, 2012, as compared to August 31, 2011 are:
Oil & Gas Properties (successful methods, net of accumulated
depletion)
increased 32% from $13,850,268 to $18,275,932; while Total Assets increased
34.6% to $26,918,796 from $19,994,249. Total Long Term Liabilities
decreased 4.9% to $808,890 from $850,675; and Total Liabilities decreased
to $3,555,648 from $3,586,240. Total Equity increased
42.4% to $23,363,148 from $16,408,009.
Aztec’s Consolidated
Statement of Operations shows Oil & Natural Gas Sales
increasing 43.6% for the three (3) months ending May 31, 2012 as
compared to the same three month period of 2011. For the nine (9) months ending May
31, 2012, Oil &
Natural Gas Sales increased 74.2% to $2,392,083 compared
to the like period in 2011. Net Loss decreased by 38.1%
to $319,659 for the three (3) months ending May 31, 2012 as
compared to the comparable three months of 2011. It might be noted that Aztec’s
earnings are impacted by, among other things, favorable non-cash
write-offs attributable to its increasing drilling and production
activity.
“Aztec continues to keep its focus on building assets, equity and
cash flow, and we believe the positive results will continue well
into the future, in spite of fluctuations in oil and gas prices,”
stated Ariane Cox, Vice President of Aztec Oil & Gas, Inc. Ms.
Cox went on to state, “Aztec’s sponsored programs are becoming
better known all the time, and the broker dealer community has
responded very favorably.”
About Aztec Oil & Gas, Inc.
Aztec
is an experienced oil and gas exploration, development and
production company focusing on Texas, plus other areas of the
U.S. Its interests are
highly diversified between development drilling and exploration
drilling; however, when it offers drilling/production partnerships,
Aztec focuses primarily on Texas shallow, lower risk, development
and step out oil wells. When offered, those programs/partnerships
are placed, with accredited investor partners, only through FINRA
registered Broker Dealers, and Registered Investment Advisors; and,
are focused primarily on oil, with natural gas normally being the
secondary target of production.
Aztec
has been in the oil/gas business since 2004, and entered the
sponsored drilling program industry in 2006. Over the next two and one half
years, beginning in late 2006, Aztec intentionally restricted
itself to only three small, very limited Appalachian, natural gas
drilling partnerships. Such was done in order to study and become
fully familiar with the nuances of the sponsored drilling program
industry before expanding to the Company's full
capabilities. In the
summer of 2008, Aztec fortuitously and publicly announced it was
discontinuing any natural gas drilling in Appalachia, and was ready
to substantially expand its sponsored drilling program activities,
along with its other activities, primarily for oil in
Texas.
As to only its sponsored drilling partnerships, when offered; since
2008, Aztec has, indeed, focused almost all of those partnerships
on oil wells in Texas.
In addition to its early, initial three small Appalachian natural
gas drilling partnerships mentioned above; Aztec has,
intermittently, sponsored and closed a significant number of other
drilling/production partnerships (all of the latter, as stated,
focused primarily on drilling for oil in Texas). Aztec Energy LLC, a wholly-owned
subsidiary of Aztec Oil & Gas Inc., is the Managing General
Partner of all Aztec drilling partnerships; and another
wholly-owned Aztec Oil & Gas Inc. subsidiary, Aztec Drilling
& Operating, LLC, is the drilling contractor and contractual
well operator for such partnerships. Through its own participation,
contributions and coverage, Aztec owns a 30% interest in all of its
drilling/production partnerships. In general clarification of its
activities, in addition to its own direct corporate participations
in industry partner wells, Aztec sometimes sponsors lower risk,
development drilling/rework/production programs which include
significant tax benefits; all of which are offered only through
FINRA Registered Broker Dealers and Registered Investment Advisors
to Accredited Investors. Aztec’s sponsored
drilling/rework/production programs, when offered, focus primarily
on shallow oil/gas drilling, are considered unique, and also
incorporate a sophisticated exit strategy for investors.
Please feel free to visit Aztec on the web at www.AztecOG.com.
An option is provided on the website to join the Aztec (corporate)
mailing list and receive up to date information on general Aztec
activities, including all Aztec press releases.
This release/announcement/document is neither an advertisement, an
offer to sell, nor a solicitation of an offer to buy securities,
Units or participations of Aztec Oil & Gas Inc., its
subsidiaries or affiliates (collectively “Aztec”). This
release/document contains certain statements, estimates, and
forecasts with respect to future performance and events. All
statements other than statements of historical fact included in
this release/announcement/document, a Memorandum, or the Aztec
website, including, but not limited to, statements regarding future
performance of events, are forward-looking statements. All such
forward-looking statements are based on various underlying
assumptions, estimates and expectations and are subject to risks
and uncertainties which could cause actual events to differ
materially from those expressed in such statements. As a result,
there can be no assurance that the forward-looking statements
included in this release/ announcement/document, a Memorandum, or
the Aztec Website will prove to be accurate or correct. In light of
these risks, uncertainties and assumptions, the future performance
or events described in the forward-looking statements in this
release/announcement/document, a Memorandum, or the Aztec Website
might not occur. Accordingly, investors should not rely upon
forward-looking statements or historical performance as a
prediction or indicator of actual or future results. Also, Aztec
Oil & Gas, Inc., its officers, principals, employees, agents,
subsidiaries, affiliates and consultants, and the other parties,
investors, shareholders, partnerships and partners, involved in any
properties, programs, partnerships and Aztec ownership or
activities, have various, material conflicts of interests. The
price(s) received for the oil and natural gas produced from any
investments, activities or properties may be less, or more, than
quoted NYMEX prices at any given times. Specific results, yields,
benefits, etc. are not guaranteed by Aztec and are subject to risks
and limitations inherent in the energy industry and/or described in
any Memorandum and elsewhere. Aztec does not undertake any
obligation to update any forward-looking statements, facts or other
information, whether as a result of new information, future events,
subsequent circumstances or otherwise.
Contact:
Phoenix
IR Associates
Investor Relations
Tony Drake
(281) 579-1602
Shareholders@AztecOG.com
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