HOUSTON, March 17, 2014 /PRNewswire/ -- Aztec Oil & Gas, Inc. (Pink Sheets: AZGS) ("Aztec") announced today that Mr. Jeremy G. Driver has been elected President of the Corporation, effective March 17, 2014, to replace Mr. Fred Zeidman who has been serving as Interim President subsequent to the termination of the previous President by Aztec's Board.
Mr. Driver has extensive experience in the oil and natural gas business. He served as President of HYD Resources Corporation, a domestic subsidiary of a public oil firm from 2005-2008, and then as CEO, President and Director of Duma Energy Corporation, a public oil and gas firm, from 2009 to 2014. Mr. Driver has an undergraduate degree from Excelsior College and an MBA and MSA from Northeastern University.
Aztec wishes to take this opportunity to welcome Mr. Driver as President and to express its appreciation to Mr. Fred Zeidman for serving as Interim President of Aztec while the Board of Directors conducted its search for a new President.
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, intermittently, offers drilling/production partnerships, Aztec focuses primarily on Texas shallow, lower risk, development and step out oil wells. When offered, such 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 restricted itself to only three small, very limited Appalachian, natural gas drilling partnerships. Such was done in order to give the firm time 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 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.
Since 2008, Aztec has focused almost all of its sponsored drilling/production partnerships on oil wells in Texas when the programs are offered. 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. Another wholly-owned Aztec parent company 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 development drilling/rework/production programs/partnerships which include significant tax benefits. When sponsored, such programs/partnerships 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. Aztec presently has interests in approximately 400 wells.
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");and may contain 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. Based on various underlying assumptions, estimates and expectations and subject to risks and uncertainties which could cause actual events to differ materially from those expressed in such statements, there can be no assurance that such forward-looking statements will prove to be accurate or correct. The future performance or events described in such forward-looking statements might not occur. Investors should never 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. 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 time. 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 or assume any obligation(s) to update any forward-looking statements, facts or other information, whether as a result of new information, future events, subsequent circumstances or otherwise.
Phoenix IR Associates
SOURCE Aztec Oil & Gas, Inc.