HOUSTON, Nov. 1, 2011 /PRNewswire/ -- Aztec Oil & Gas,
Inc. (Pink Sheets: AZGS) ("Aztec") announced an agreement, through
its associate, Resaca Resources LLC ("Resaca"), with GulfMark
Energy, Inc. (GulfMark- OTC BB: GMEI) as the new oil gatherer for
wells in Liberty County, Texas.
GulfMark had not previously gathered oil in Liberty County. Under GulfMark's pricing
schedules, Aztec is expected to receive a substantial increase, in
excess of $10 per barrel over current
market pricing, for its Liberty
County oil production. GulfMark is scheduled to make
its first gathering from the Liberty
County wells in November
2011.
In August 2011, the actual price
Aztec received for its Liberty
County oil sales was $84.15
per barrel. Had GulfMark's new pricing been in effect for the
same period, Aztec would have received approximately $96.62 per barrel. Likewise, Aztec's actual
price received for September 2011 oil
sales was $83.86 per barrel.
Again, based on the new GulfMark pricing schedule, Aztec
would have received approximately $101.56 per barrel, which is an increase of
$17.70 per barrel of oil.
"We are very excited that, due to our research and increased oil
production volumes, we were able to negotiate and reach an
agreement, through Resaca, with GulfMark to be the oil gatherer for
all of our Liberty County wells.
The new pricing schedule is expected to significantly
increase Aztec's and its partnership's revenues and profits and
ultimately bring higher returns to our company and our investors,
which is always of utmost importance," stated Waylan Johnson, President of Aztec Oil &
Gas, Inc. "Aztec is always researching and seeking new,
innovative ways to increase the benefits from our ever growing
volume of wells," continued Mr. Johnson.
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 exploration drilling and
development drilling; however, when it offers drilling/production
partnerships, Aztec focuses primarily on shallow, Texas, lower risk, development and step out
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 a secondary
target.
Aztec entered the sponsored drilling program industry in 2006.
Over the next two and one half years, it intentionally
restricted itself to only three small, very limited Appalachian
drilling partnerships 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 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 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 very significant number of other drilling/production
partnerships (all of the latter, as stated, focused on drilling for
oil in Texas). Aztec Energy
LLC, a wholly-owned subsidiary of Aztec, is the Managing General
Partner of all Aztec drilling partnerships; and another
wholly-owned Aztec subsidiary, Aztec Drilling & Operating, LLC,
is the drilling contractor and operator for such partnerships.
Through its own participation and contributions, 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/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/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. 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 and expectations and are
subject to risks and uncertainties which could cause actual events
to differ materially from those expressed in the forward-looking
statements. As a result, there can be no assurance that the
forward-looking statements included in this release/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/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 activities have
various conflicts of interests. The price(s) received for the oil
and natural gas produced from any investments, activities,
properties may be less than quoted NYMEX prices at any given times.
Specific results, yields, benefits, etc. are not guaranteed by us
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
SOURCE Aztec Oil & Gas, Inc.
