Aztec Oil & Gas has completed drilling six more Olmos wells on its original lease in Medina County, Texas. The company has now drilled and completed 18 wells on this lease in the past approximately six months.
Ten of those wells are on line and the last eight wells are in various stages of completion, fracing and equipping, and are expected to be on line shortly. Several loads of produced oil have already been sold from the lease and daily production is anticipated to increase when the remaining wells are put on line shortly.
Aztec signed agreements some months ago with Texas Secondary and has currently agreed to expand that agreement to additional leases in the prolific Olmos and Austin Chalk formations.
Waylan Johnson, president of Aztec, said: “Being able to drill dozens of shallow wells in such a concentrated area fits right into the model that helps Aztec keep overhead low for its Limited Partners who participate in Aztec’s drilling programs through the FINRA Registered Broker Dealer community.”
Aztec is currently underway permitting 15-20 new locations (with more than 100 well locations available) in Medina County and plans on immediately adding a second drilling rig.