Aztec Oil & Gas Announces Completion and Production of the First of Two New West Virginia Wells

Tuesday June 24, 8:30 am ET

Houston, June 24, 2008 -- Aztec Oil & Gas, Inc. (OTC BB: AZGS.OB - News) previously announced that the Company had completed the drilling of two new wells for its Aztec 2007A Limited Partnership. The wells, Williams #1 and #2, were drilled in Tyler County, West Virginia to a depth of approximately 5,000 feet each. Logs on both wells indicated substantial reserves. Today, Aztec is announcing that it has completed perforating and fracing of the Williams #1 well approximately one week ago. Williams #1 responded very nicely and Aztec is in the process of letting the well "clean up" and getting all the frac water recovered. The well is presently producing into a sales pipeline at approximately 100,000 cu. ft. per day and continues to improve. The Williams #2 well is in the process of being perforated and fraced and is expected to be put into a sales pipeline by the end of this week, if not sooner.

The 2007A Partnership is the third drilling partnership sponsored by Aztec Oil & Gas, Inc. and was closed, as planned, exclusively with outside "accredited'' investors through registered broker dealers. In this new Partnership, Aztec Energy, LLC, a wholly-owned subsidiary of Aztec Oil & Gas, Inc., has retained a thirty (30) percent ownership and will act as the Managing General Partner. Another Aztec subsidiary, Aztec Drilling & Operating, LLC, serves as the Partnership's drilling company and operator.

As reported in the prior release, Franklin Fisher, CEO and Chairman of Aztec Oil & Gas, Inc. said, "Aztec's goal with this third Partnership is the same as with all of our endeavors: to initiate, participate in, and purchase oil and natural gas interests utilizing strategies that seek to manage and reduce the risk associated with traditional exploration and production operations, thus building long-term shareholder equity for Aztec and investor returns for our partnerships. We closely align Aztec's interests and those of the outside investors in our partnerships so that we are all focused on achieving maximized production for current income and reserves for residual asset value."

About Aztec Oil & Gas, Inc.
Aztec is an oil and gas exploration and production company focusing on numerous areas of the U.S. It owns a minority interest in a 29-well oil and natural gas program in McKean, Potter, Clearfield and Cambria counties in Pennsylvania with all of the wells presently producing into pipelines. Aztec also owns a minority interest in two Deep Lake wells in Cameron Parish, Louisiana ranging from 13,600 feet to 14,300 feet in depth with both wells producing and selling commercial quantities of natural gas. Aztec additionally owns a minority interest in one well in Wharton County, Texas which is currently producing and selling oil and natural gas; and one well in the Barnett Shale play area located in Wise County, Texas which had good initial oil and gas shows, is producing, but is experiencing mechanical difficulties. Aztec has a minority interest in two producing gas wells in Oklahoma of which one is a conventional well, and the second is a horizontal, Coal Bed Methane (CBM) well. Additional wells and drilling are presently being analyzed. In 2007, through its wholly-owned subsidiary, Aztec Energy, LLC, Aztec completed a successful four (4) well drilling program in the Doddridge County area of West Virginia which is currently producing into sales pipeline and tanks. Aztec Energy, LLC also manages a second Aztec drilling partnership focused in Tyler County, West Virginia in which it owns a 30% interest, plus the third drilling partnership, Aztec 2007A, featured in this release.

For more information on Aztec Oil & Gas, Inc., please 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. For example, 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. and the other parties involved in these properties receive for the oil and natural gas produced on their properties 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.
 

FOR FURTHER INFORMATION PLEASE CONTACT:

Phoenix IR Associates
Tony Drake
281-579-1602
Contact Investor Relations

Source: Aztec Oil & Gas, Inc.