US-based Aztec Oil & Gas has closed a partnership under its Aztec XI Oil & Gas Drilling Program.

The Aztec XI Program was opened approximately 75 days ago on 1 September 2010.

The partnership, ‘Aztec XI-A Oil & Gas’, closed with approximately $5,047,000 of funding and is focused on drilling shallow wells for oil in Texas.

Aztec’s wholly-owned subsidiary, Aztec Energy will gain a 30% ownership interest in the partnership by contribution, and will act as the managing general partner.

Aztec Drilling & Operating, another wholly-owned Aztec subsidiary, will serve as the partnership’s turnkey drilling contractor and operator.

It is anticipated that the partnership will participate in 30 to 70 wells, most, or all, of which will be in Texas.

Aztec presently has approximately six drilling rigs active in Texas and has been achieving over a 90% success ratio.