Aztek Energy Ltd.

April 07, 2006 17:31 ET

Aztek Energy Ltd. Year End Results

CALGARY, ALBERTA--(CCNMatthews - April 7, 2006) - AZTEK ENERGY LTD. (TSX VENTURE:AZK) ("AZTEK") reports that its production for March 2006 averaged 243 boepd with a split of 34% oil and 66% gas.

Aztek expects that the independent evaluation of its reserves for the year ended December 31, 2005 will have been completed by Sproule Associates in the near future. A further release will be issued at that time.

Aztek also reports that in the course of its audit for the year ended December 31, 2005 it uncovered an unauthorized receivable in an amount that appears to be as much as $800,000 from a former related party. The receivable was generated without the knowledge or approval of Aztek's current Board of Directors. Aztek has initiated steps to secure its position and to recover this debt. There is no assurance that it will recover the outstanding amount in a timely fashion. A significant portion of this receivable may be written off in Aztek's December 31, 2005 financial year.

Aztek currently has 35,594,113 shares outstanding.

Aztek is a publicly traded company on The TSX Venture Exchange.

The TSX Venture Exchange has neither approved nor disapproved of the information contained herein.

Contact Information

  • Aztek Energy Ltd.
    Mr. R.G. (Jerry) Ball
    Chief Operating Officer
    (403) 265-1015
    Aztek Energy Ltd.
    Ray Hodkinson
    V.P. Engineering
    (403) 265-1015