Aztec Oil & Gas Inc. (OTC: AZGS) has selected and arrived at an agreement with an experienced oil industry professional to serve as interim president, the company announced in a press release.

The company had previously announced on July 9 the termination of Waylan Johnson as president for cause and a lawsuit had been filed against Johnson and his private firms. At that time, the Aztec board of directors immediately began conducting a search for an interim president to serve until a candidate was selected to fill the permanent position of president.

The person selected is also a qualified candidate for the permanent position of president. The interim president will be installed by Aztec immediately upon the imminent completion of a major sale/merger at his present oil industry company; which is estimated to be within two weeks.

As also previously disclosed, Aztec expects to shortly announce the appointment of a national sales manager as the search and negotiations for that position have also been ongoing since June 9 when Johnson was terminated.

"Aztec has been operating quite effectively and efficiently, without incident, after the termination of its previous president; and expects to continue to do so in the future. We have made significant upgrades and changes and we are very pleased with the selection of the interim president. Our entire firm looks forward to his joining the company, as we expect and anticipate a very bright future for Aztec," said Ariane Cox, Aztec’s vice president, in the release.

Aztec Oil & Gas Inc. operates as an oil and gas E&P company in the U.S. The company is headquartered in Houston.