May 7, 2009 (FinancialWire) — Aztec Oil & Gas, Inc. (OTC: AZGS) (Est. Market Cap: US$2.0 Mil.) announced another successful gas well in its newest drilling partnership, the Aztec VIII A Oil & Gas LP. The new gas well is located in Goliad County, Texas, as were its previous two successful ventures.

The newest well, the West Powell #3, was drilled to a total depth of approximately 1,695 feet. The well encountered two Miocene gas sands: one at 1,662 feet (lower zone); and the other at 1,535 feet (upper zone). The lower zone has seven feet of net gas sand and the upper zone has fifteen feet of net gas sand. The upper zone was the target zone, but the lower zone will be produced first and the upper zone will be completed and produced after the lower zone is fully production depleted.

Currently the lower zone of this well is estimated to be produced at a flow rate between approximately 100,000 - 300,000 cfgpd (cubic feet gas per day) into sales pipeline. Estimated reserves in this zone, utilizing the log, flow test and 3D seismic should be between approximately 100 million cfg (cubic feet gas) and 150 million cfg, or 1/10th to 1.5/10ths bcf (billion cubic feet) of natural gas. This was not the target zone for this well and this zone will be produced at an accelerated rate to depletion at which time the upper zone will be completed.

Estimated reserves for the upper zone were set at 400 million cfg (cubic feet gas) to 700 million cfg or 4/10ths to 7/10ths bcf (billion cubic feet) of natural gas. The production rate for this upper zone is estimated to be approximately 200,000 to 400,000 cfgpd (cubic feet gas per day). Aztec Oil & Gas, Inc. and Resaca Resources (operator for Aztec) have identified and spudded one additional well location. This fourth well is being drilled and completed immediately.

FinancialWire(tm) is a fully independent, proprietary news wire service. FinancialWire(tm) is not a press release service, and receives no compensation for its news, opinions or distributions. Further disclosure is at the FinancialWire(tm) web site (http://www.financialwire.net/disclosures.php). Contact FinancialWire(tm) directly via inquiries@financialwire.net.

Free annual reports for companies mentioned in the news are available through the Free Annual Reports Service (http://investrend.ar.wilink.com/?level=279).

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.