Aztec Oil & Gas, Inc. (Pink Sheets:AZGS) today announced the
filing of its financial results for the quarter and nine months
ending May 31, 2011. Aztec has continued to achieve significant
improvement over the reporting period ending August 31, 2010, which
2010 reporting period in turn was significantly higher than Aztec's
corresponding 2009 results.
A limited summary of the current filing shows that Aztec's Total
Assets increased from $11,433,893 on August 31, 2010 to $24,590,266
for the nine month period ending May 31, 2011, or by approximately
115%. Total Current Assets, including cash of $5,253,905, increased
from $5,271,927 on August 31, 2010 to $5,822,822 for the current
period. For the same period, Total Liabilities decreased by
$296,601, or approximately 10%, Total Equity increased from
$8,318,708 to $21,771,682, or by approximately 162%. (All of the
foregoing amounts are compared to the period for the fiscal year
ending August 31, 2010 and are rounded.)
Oil and natural gas sales increased from $164,110 for the nine
months ending May 31, 2010 to $621,649 for the nine months ending
May 31, 2011, or approximately 280%. Net Loss for the three months
ending May 31, 2010 was ($739,579) and for the current three month
period ending May 31, 2011 was ($516,333), a reduction of loss by
approximately 30%.
"Aztec is having a very good year and is looking forward to much
more of the same, regardless of oil pricing levels. Many years of
hard work by some very talented people are definitely resulting in
substantial gains for Aztec, which just happens to coincide with
some currently high levels of oil pricing. As oil is, and has been
since 2008, our focused commodity, that all works out quite well
for Aztec," stated Waylan R. Johnson, President of Aztec Oil &
Gas, Inc. Mr. Johnson went on to say, "Separately our sponsored
drilling programs are doing well and continue to gain more
acceptance with the national broker dealer community; plus Aztec's
separate, corporate investment projects are also doing quite well.
Aztec has interests in over 200 wells, and is active in
approximately 14 counties in Texas, plus the states of Missouri and
West Virginia."
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, with accredited investor
partners, only through FINRA registered Broker Dealers and
Registered Investment Advisors, 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 almost all 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 nine 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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