Aztec Oil & Gas, Inc. (Pink Sheets:AZGS) announced today the
recent filing of its financial results for the quarter and six
months ending February 28, 2011. For the three months ending
February 28, 2011, Oil and Natural Gas Sales increased to $474,804
versus $34,118 for the comparable three months ending February 28,
2010, or approximately a 1,292% increase. The Company has achieved
further significant improvement over the year end results of six
months ago, August 31, 2010. A quick summary of the filings
show that Aztec's Total Assets more than doubled to $22,884,268.
Cash (as reported in Current Assets) increased approximately 54% to
$7,596,283. On a related basis, Current Liabilities decreased
approximately 23% to $1,670,879 and Total Liabilities decreased
from $3,115,185 to $2,505,362, or approximately 20%. In the
foregoing regard, Aztec maintains a significant line of credit with
a major Houston bank, but has paid down the outstanding balance on
that line to the minimum of one thousand dollars ($1,000). Also,
during the current six month reporting period, Total Equity for
Aztec increased to $20,378,906 from $8,318,708, or approximately
145%. All of the latter foregoing percentages are compared to
the period for the fiscal year ending August 31, 2010, and all
percentages are rounded to the nearest full number.
"Aztec has been substantially ramping up its operations, and
those efforts are beginning to show in its corporate financial
results. With oil prices posting very dramatic increases, and our
drilling focus being principally on oil for over 3 years now, we
anticipate a very nice year in 2011," stated Waylan R. Johnson,
President of Aztec Oil & Gas, Inc. Mr. Johnson further
stated, "Our people have worked very hard establishing Aztec's
reputation for quality, reliability and performance in both our
corporate endeavors plus our public drilling programs. When we do
offer our drilling programs, they have been gaining popularity with
broker dealers and investors."
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, low risk, development wells. When offered, those
programs/partnerships are placed only by FINRA registered Broker
Dealers and Registered Investment Advisors with accredited investor
partners, and are focused primarily on oil, with natural gas
normally 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, primarily for oil in
Texas.
Since 2008, Aztec has, indeed, focused most of its drilling
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
eight other drilling/production partnerships (all of the latter
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
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