HOUSTON, July 25, 2013 /PRNewswire/ -- Aztec Oil & Gas, Inc. (Pink Sheets: AZGS) ("Aztec") previously announced that on July 9, 2013, it had terminated Waylan Johnson, its President, for cause and filed a lawsuit against Mr. Johnson and his private firms. The Aztec Board of Directors immediately began conducting a search for an Interim President to serve until a candidate was selected to fill the permanent position of President.
The Board has now selected, and arrived at an agreement with, an experienced oil industry professional to serve as Interim President of Aztec. This person is also a qualified candidate for the permanent position of President of the Company. The Interim President will be installed by Aztec immediately upon the imminent completion of a major sale/merger at his present oil industry company; which is estimated to be within approximately two weeks.
As also previously disclosed, Aztec expects to shortly announce the appointment of a National Sales Manager as the search and negotiations for that position have also been ongoing since June 9th, when Mr. Johnson was terminated.
"Aztec has been operating quite effectively and efficiently, without incident, after the termination of its previous President; and expects to continue to do so in the future. We have made significant upgrades and changes and we are very pleased with the selection of the Interim President. Our entire firm looks forward to his joining the Company, as we expect and anticipate a very bright future for Aztec," stated Ariane Cox, Vice President of Aztec Oil & Gas Inc.
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, 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 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, when offered, focused almost all of its sponsored drilling/production 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. 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 lower risk, development drilling/rework/production programs which include significant tax benefits. When sponsored, such programs 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");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.
Contact: Phoenix IR Associates Investor Relations Tony Drake (281) 748-6398 Shareholders@AztecOG.com
SOURCE Aztec Oil & Gas, Inc.