Aztec Oil & Gas Announces Second Successful Natural Gas Well in New Drilling Partnership
Houston, 29 April 2009 (GLOBE Newswire) - Aztec Oil & Gas, Inc. (Pink Sheets: AZGS) announced today that its latest drilling partnership, Aztec VIII A Oil & Gas LP, has successfully participated in the second successful natural gas in Goliad County , Texas.
West Powell # 2 well was drilled to an approximate depth of 1,750 feet. Well encountered two Miocene gas sands, one at 1,655 feet (lower zone) and the other at 1,542 feet (upper zone). In the lower zone of sand is 33 feet thick and the upper zone of sand is 28 feet thick. In the lower zone will be produced first and the upper zone will be completed and produced at a lower zone of production is fully exhausted.
Currently, the lower zone of this well is estimated to be produced on the immobilisation of the intensity of some 200,000 cfgpd (cubic feet per day) in the Duke Energy system for the collection. The estimated reserves in this area, using the journal, and movement of 3D seismic survey should be between 320000000 and 530000000 cfg or 3 / 10 (thousand) to 1 / 2 BCF (billion cubic feet) of natural gas. Like all the wells, which are really the calculation of reserves, also will have to produce in a few months.
Based on the success of previously announced West Powell # 1 and West Powell # 2 well, Aztec Oil & Gas Resources and Resaca (operator Aztecs) spudded and identified two (2) and additional sites, which are direct analogues West Powell # 1 and # 2. It is anticipated that these potential wells will be drilled immediately.
"West Powell # 1 and # 2, and the confirmation of two additional seats analog appears to be a successful start for the Aztecs Partnership VIII. Although today are willing to focus on oil drilling, the drilling of oil and gas wells are evaluated by rigorous economic and not emotional ones. If the economics of partnership, we will drill for gas, as we did in this instance. Aztecs always focused on making the most money for its shareholders and investors in any partnership situation, "said Waylan R. Johnson, President of Aztec Oil & Gas , Inc.
West Powell # 2 well was drilled to an approximate depth of 1,750 feet. Well encountered two Miocene gas sands, one at 1,655 feet (lower zone) and the other at 1,542 feet (upper zone). In the lower zone of sand is 33 feet thick and the upper zone of sand is 28 feet thick. In the lower zone will be produced first and the upper zone will be completed and produced at a lower zone of production is fully exhausted.
Currently, the lower zone of this well is estimated to be produced on the immobilisation of the intensity of some 200,000 cfgpd (cubic feet per day) in the Duke Energy system for the collection. The estimated reserves in this area, using the journal, and movement of 3D seismic survey should be between 320000000 and 530000000 cfg or 3 / 10 (thousand) to 1 / 2 BCF (billion cubic feet) of natural gas. Like all the wells, which are really the calculation of reserves, also will have to produce in a few months.
Based on the success of previously announced West Powell # 1 and West Powell # 2 well, Aztec Oil & Gas Resources and Resaca (operator Aztecs) spudded and identified two (2) and additional sites, which are direct analogues West Powell # 1 and # 2. It is anticipated that these potential wells will be drilled immediately.
"West Powell # 1 and # 2, and the confirmation of two additional seats analog appears to be a successful start for the Aztecs Partnership VIII. Although today are willing to focus on oil drilling, the drilling of oil and gas wells are evaluated by rigorous economic and not emotional ones. If the economics of partnership, we will drill for gas, as we did in this instance. Aztecs always focused on making the most money for its shareholders and investors in any partnership situation, "said Waylan R. Johnson, President of Aztec Oil & Gas , Inc.
