HOUSTON, Oct. 28 /PRNewswire-FirstCall/ -- Aztec Oil & Gas, Inc.
(OTC Bulletin Board: AZGS) announced today the addition of two members to its
Board of Directors, Kirk N. Blackim and Mark Vance. These appointments bring
the total number of directors to three. Mr. Vance is an independent director
and he will serve as Chairperson of the Audit Committee.
Dr. Kenneth E. Lehrer, a current director and Chief Financial Officer of
Aztec Oil & Gas, Inc. said, "We are very pleased that Mr. Blackim and Mr.
Vance have agreed to join Aztec's Board of Directors. Mr. Blackim's and Mr.
Vance's extensive backgrounds in the oil and gas industry will be a major
asset to the Board and to Aztec as we continue to grow our diverse portfolio
of working interests in oil and gas wells throughout the United States. Mr.
Vance, the Board's first independent director, has a wealth of finance and
management expertise and we believe he will be an invaluable counsel."
Mr. Blackim was appointed President of Aztec Oil & Gas in September 2005.
He is experienced in many aspects of oil & gas exploration, production,
development and transportation, including legal and accounting support plus
extensive management experience. Previously, Blackim spent several years as
Senior Vice President with Koch Producer Services, a subsidiary of Koch
Industries, and TCW Asset Management as part of teams closing mezzanine debt
and risk management transactions with a total value in excess of $350 million.
Earlier, Blackim also spent more than eight years with Kansas Pipeline
Operating Company in various capacities including COO, CFO, and Senior Vice
President where he was involved in numerous acquisitions and asset
construction projects that included financing transactions in excess of
$400 million. Blackim is also a principal with Matrix Energy Capital
Associates, a consulting firm with emphasis on capital development for small-
and mid-sized exploration, production and transportation companies.
Mr. Vance is Chief Financial Officer of G1SG, a company that offers
business consulting, infrastructure services, business applications and
development, customer relationship management, project management, and
business process outsourcing including IT managed services. Mr. Vance has
extensive experience as a financial analyst, controller and tax manager with
various companies within the energy industry including Mitchell Energy,
Quintana Petroleum, and Texaco. He also has extensive experience across all
areas of finance including raising capital through private and public
offerings, financial and strategic planning and organizational restructuring.
Previously, Mr. Vance was the senior executive in charge of strategic
alliances at Worksafe, Inc. and YCO Services. Most recently, he developed
Worksafe's strategic plan and led the mezzanine fund raise with private equity
groups in the U.S. Vance spent several years as Vice President of business
development and CFO for Control Network System Inc., a $17 million privately
held, fully integrated company that developed international voice over data
networks between the U.S. and Asia and that was acquired by Total Axcess Inc.
in December 2001. He was a founder and served as Senior Vice President and CFO
for Telescape International Inc., a NASDAQ company that provided competitive
communications services in Eastern Europe and Latin America. He also served as
director of finance and CFO of a subsidiary at Wiltel Corporation.
About Aztec Oil & Gas
Aztec Oil & Gas, Inc. is a Houston-based oil and gas exploration and
production (E&P) company. The Company is taking advantage of significant
opportunities that are proving to possess high revenue potential. Since its
formation in 2004, Aztec's business plan has been to purchase oil and gas
interests utilizing strategies that seek to manage and reduce the risk
associated with traditional exploration and production operations.
In late 2004, Aztec Oil & Gas acquired a 31.283% interest in Z2, LLC. Z2,
LLC owns 100% of the working interest in the 7,200+ acre Big Foot oil field in
Texas. The field was first discovered by Shell Oil in 1949, developed in the
1950's, and has yielded over 22 million barrels over the past five decades.
Aztec also recently acquired a minority interest in two Deep Lake well
prospects in Cameron Parish, Louisiana. Drilling, logging, casing and
completion of both Deep Lake wells have been completed to their respective
approximate target depths of 14,200 and 13,600 feet. Both wells are currently
being connected to pipeline. Aztec is also participating in a drilling
program in the Barnett Shale play areas located in Cooke, Wise and Montgomery
Counties, Texas; in addition Aztec is participating in two drilling projects
in Wharton County, Texas, plus other drilling projects in Oklahoma,
Pennsylvania and Louisiana.
For more information on Aztec Oil & Gas, Inc., visit
http://www.aztecoil-gas.com.
The statements contained in this news release that are not historical
facts may be statements regarding the Company's future that involve risks and
uncertainties which could cause actual results to differ materially from those
currently anticipated. Statements that describe the Company's hopes, plans,
objectives, goals, intentions or expectations are all forward looking
statements. Any such statements made herein about the Company's future are
only made as of the date of this news release. Numerous factors, many of
which are beyond the Company's control, may affect actual results. Also, the
price Aztec Oil & Gas, Inc. receives for its interest in oil produced may be
less than quoted NYMEX prices at any given time. The Company undertakes no
obligation to publicly update such forward-looking statements to reflect
subsequent events or circumstances.
Contacts:
The Ruth Group
Denise Roche
646 536-7008
or
John Quirk
646 536-7029
SOURCE Aztec Oil & Gas, Inc.
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Related links:
http://www.aztecoil-gas.com
CONTACT:
Denise Roche, +1-646-536-7008 or John Quirk,
+1-646-536-7029, both of The Ruth Group for Aztec Oil & Gas, Inc.
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