OTC Bulletin Board S & P Company Insight for AZTEC OIL & GAS INC
Profile
	Business Summary: Aztec Oil & Gas, Inc. operates as an oil and gas exploration and production company. Its producing properties consist essentially of working and royalty interests owned by the company in various oil and gas wells and leases located in Texas, Pennsylvania, Louisiana and West Virginia.   Address   One Riverway, Suite 1700   Houston , TX 77056   Phone: 713-840-6444   Fax: 713-840-6323   Website: http://www.aztecoil-gas.com Auditor   Malone & Bailey   Houston Transfer Agent   Cottonwood Stock Transfer Corp. ShareHolders:  41 Founded:  1986 Domicile:  Nevada
Background
	Aztec Oil & Gas, Inc. operates as an oil and gas exploration and production company. Its producing properties consist essentially of working and royalty interests owned by the company in various oil and gas wells and leases located in Texas, Pennsylvania, Louisiana and West Virginia. Proved reserves as of August 31, 2008, totaled 4,520 barrels of oil and 561.0 million cubic feet of gas. Aztec had interests in 39 gross (8 net) productive oil and gas wells as of August 31, 2008. The company was founded in 1986. It was formerly known as Aztec Communications Group, Inc. and changed its name to Aztec Oil & Gas, Inc. in 2004. Aztec Oil & Gas is headquartered in Houston, Texas. History:  INCORPORATED in Nevada Nov. 21, 2003, as Aztec Communications Group, Inc.; and on Apr. 20, 2004, merged a Utah corporation of the same name (Predecessor) to effect a change of domicile from Utah to Nevada. Name changed to Aztec Oil & Gas, Inc. Aug. 13, 2004. Predecessor was incorporated in Utah Jan. 24, 1986, as Asterisk, Inc.; name changed to Aztec Communications Group, Inc. in 1987. September 15, 2004, acquired a 31.283% membership unit interest in Z2, LLC, a Florida limited liability company, for $515,000 in notes payable and 400,000 Common shares.   Subsidiaries: Aztec Drilling & Operating, LLC Aztec Energy, LLC Aztec Operating Company
Management
	Management Officers Position  Franklin C. Fisher, Jr. Chairman & Chief Executive Officer  Waylan R. Johnson President  Larry A. Hornbrook Chief Financial Officer & Chief Accounting Officer  Kathryn E. Parks Secretary & Treasurer  Tony  Drake Investor Relations Contact Directors  Franklin C. Fisher, Jr.  Kenneth E. Lehrer  Mark  Vance
Annual Report
	Annual Report   Income Statement   2008 2007 Oil & gas revenue 371,842 114,706 Cost & exps. 1,037,974 2,241,547 Interest income 22 485 Depr. & amort. 149,180 9,005 Impairment of oil & gas properties 616,161 83,203 Interest exp. 75,502 15,327 Gain on sale of assets -- 312 Minority int. 397,652 (10,196) Net income (1,109,298) (2,243,775) Share earns. basic ($0.03) ($0.08) Share earns. diluted ($0.03) ($0.08)   Balance Sheet   2008 2007 Assets: Cash 290,323 4,771 Accts. rec., net 175,559 54,374 Other curr. assets 8,597 13,989 Tot. curr assets 474,479 73,134 Restricted funds -- 740,000 Net property 4,054 -- Oil & gas properties 2,124,314 1,326,097 Total assets 2,602,847 2,139,231 Liabilities: Notes pay. 595,560 545,560 Line of credit 400,000 120,000 Com. stk. payable 12,167 159,696 Accts. pay. & accruals 435,653 80,074 Salary payable 59,296 7,781 Other curr. liabs 12,167 -- Tot. curr. liabs. 1,702,676 913,111 Asset retirement obligations 30,812 -- Minority int. 2,375,973 2,082,880 Pfd. stk. p. $0.001 100 100 Com. stk. p.$0.001 32,468 30,477 Paid-in cap. 4,537,525 4,080,072 Retained earns. (6,076,707) (4,967,409) Total liabs. 2,602,847 2,139,231
Interim Report
	Interim Report      Data Not Available
Pro Forma Report
	Pro Forma Report      Data Not Available
Quarterly Report
	Quarterly Report Information      Quarterly Revenue, US$ Year Quarter Revenue   2009   1 80,000   2008   1 40,000   2008   2 50,000   2008   3 90,000   2008   4 190,000   2008   Full Year 370,000   2007   1 20,000   2007   2 10,000   2007   3 20,000   2007   Full Year 100,000   2006   1 Nil   2006   2 Nil   2006   3 Nil   2006   Full Year 10,000   2005   1 30,000   2005   2 60,000   2005   3 Nil   2005   Full Year Nil   2004   Full Year Nil     Quarterly Net Income, US$ Year Quarter Revenue   2009   1 (530,000)   2008   1 (200,000)   2008   2 (160,000)   2008   3 (150,000)   2008   4 (560,000)   2008   Full Year (1,110,000)   2007   1 (360,000)   2007   2 (240,000)   2007   3 (180,000)   2007   Full Year (1,010,000)   2006   1 200,000   2006   2 910,000   2006   3 (440,000)   2006   Full Year 1,073,000   2005   1 (180,000)   2005   2 (220,000)   2005   3 (230,000)   2005   Full Year (868,000)   2004   Full Year (166,000)     Quarterly EPS, US$ Year Quarter Revenue   2009   1 (.02)   2008   1 (.01)   2008   2 Nil   2008   3 (.01)   2008   4 (.02)   2008   Full Year (.03)   2007   1 (.01)   2007   2 (.01)   2007   3 (.01)   2007   Full Year (.04)   2006   1 Nil   2006   2 .02   2006   3 (.02)   2006   Full Year .04   2005   1 (.01)   2005   2 (.01)   2005   3 (.01)   2005   Full Year (.03)   2004   Full Year (.01)
Stock Data
	Capitalization as of 08/31/2008:     Authorized Shares Outstanding Shares Series A Preferred $0.001 par 100,000 100,000so1 Common $0.001 par 100,000,000 32,468,427   LONG TERM DEBT: None.   Common $0.001 par   Stockholders:  08/31/2008, 41. Transfer Agent:  Cottonwood Stock Transfer Corp.   Salt Lake City , UT   OTC Bulletin Board( Primary): AZGS   Exchange Year High Low OTC Bulletin Board 2008 0.1900 0.0200 OTC Bulletin Board 2007 0.1600 0.0300 OTC Bulletin Board 2006 0.2700 0.1000 OTC Bulletin Board 2005 2.4900 0.1250 OTC Bulletin Board 2004 2.8700 0.0333   DIVIDENDS: Common $0.001 par: No cash. Common split 3-for-1, Aug. 30, 2004.       so1Closely held.