Aztec Oil & Gas, Inc. announced today that, on December 30, 2011, it closed the Aztec XII-A Oil & Gas limited partnership, which was opened on September 1, 2011. The Aztec XII-A Oil & Gas LP closed with approximately $8.2 million of funding and is focused primarily on drilling shallow oil wells in Texas. Aztec's wholly-owned subsidiary, Aztec Energy, LLC, will gain a thirty percent (30%) ownership interest in the Partnership, and will act as the Managing General Partner. Aztec Drilling & Operating, LLC, another wholly-owned Aztec subsidiary, will serve as the Partnership's drilling contractor and well operator.
"Aztec continued throughout 2011 to build reserves drilling mainly conventional, vertical oil wells," stated Mr. Waylan Johnson, President of Aztec Oil & Gas Inc. Mr. Johnson went on to say, "Aztec has been very fortunate in the areas we've drilled, and by sticking to our plan, our oil and gas finding costs have continued to be lowered. Our company and our partners are realizing the benefits of our lower risk well strategy. We are very optimistic about 2012 and the use of the XII-A Partnership funds in continuing the implementation of that strategy."
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