HOUSTON, Nov. 9, 2012 /PRNewswire/ -- Aztec Oil & Gas, Inc. (Pink Sheets: AZGS) announced in recent months, it publicly filed its quarterly results for its quarter ending May 31, 2012. Aztec's fiscal year ends August 31, 2012, and it is in the process of conducting its full fiscal year certified audit.
A few of the Consolidated Balance Sheet highlights of the quarter ending May 31, 2012, as compared to August 31, 2011 are:
Oil & Gas Properties (successful methods, net of accumulated depletion) increased 32% from $13,850,268 to $18,275,932; while Total Assets increased 34.6% to $26,918,796 from $19,994,249. Total Long Term Liabilities decreased 4.9% to $808,890 from $850,675; and Total Liabilities decreased to $3,555,648 from $3,586,240. Total Equity increased 42.4% to $23,363,148 from $16,408,009.
Aztec's Consolidated Statement of Operations shows Oil & Natural Gas Sales increasing 43.6% for the three (3) months ending May 31, 2012 as compared to the same three month period of 2011. For the nine (9) months ending May 31, 2012, Oil & Natural Gas Sales increased 74.2% to $2,392,083 compared to the like period in 2011. Net Loss decreased by 38.1% to $319,659 for the three (3) months ending May 31, 2012 as compared to the comparable three months of 2011. It might be noted that Aztec's earnings are impacted by, among other things, favorable non-cash write-offs attributable to its increasing drilling and production activity.
"Aztec continues to keep its focus on building assets, equity and cash flow, and we believe the positive results will continue well into the future, in spite of fluctuations in oil and gas prices," stated Ariane Cox, Vice President of Aztec Oil & Gas, Inc. Ms. Cox went on to state, "Aztec's sponsored programs are becoming better known all the time, and the broker dealer community has responded very favorably."
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 development drilling and exploration drilling; however, when it offers drilling/production partnerships, Aztec focuses primarily on Texas shallow, lower risk, development and step out oil 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 the secondary target of production.
Aztec has been in the oil/gas business since 2004, and entered the sponsored drilling program industry in 2006. Over the next two and one half years, beginning in late 2006, Aztec intentionally restricted itself to only three small, very limited Appalachian, natural gas drilling partnerships. Such was done 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 fortuitously and 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 sponsored 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 significant number of other drilling/production partnerships (all of the latter, as stated, focused primarily on drilling for oil in Texas). Aztec Energy LLC, a wholly-owned subsidiary of Aztec Oil & Gas Inc., is the Managing General Partner of all Aztec drilling partnerships; and another wholly-owned Aztec Oil & Gas Inc. subsidiary, Aztec Drilling & Operating, LLC, is the drilling contractor and contractual well operator for such partnerships. Through its own participation, contributions and coverage, 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/rework/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/rework/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 Oil & Gas Inc., its subsidiaries or affiliates (collectively "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, estimates and expectations and are subject to risks and uncertainties which could cause actual events to differ materially from those expressed in such statements. As a result, there can be no assurance that the forward-looking statements included in this release/ announcement/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/announcement/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 ownership or activities, have various, material conflicts of interests. The price(s) received for the oil and natural gas produced from any investments, activities or properties may be less, or more, than quoted NYMEX prices at any given times. Specific results, yields, benefits, etc. are not guaranteed by Aztec 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.