Azabache Energy Inc. Announces Filing of Second Quarter Results for the Period Ended December 31, 2014

CALGARY, ALBERTA--(Marketwired - March 2, 2015) -

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Azabache Energy Inc. (TSX VENTURE:AZA) ("Azabache" or the "Company") today announces its operating and financial results for the six months ended December 31, 2014. Copies of the Company's unaudited condensed interim consolidated financial statements and related Management's Discussion and Analysis ("MD&A") are being filed with Canadian securities regulatory authorities and will be made available under the Company's profile at www.sedar.com and on the Company's website at www.azaenergy.com.

Highlights of the 6-month period ended December 31, 2014 included:

Strategic direction

The Company has reached an agreement with the Government of Neuquen and its partner, GyP, on the future development requirements for both the Covunco and El Corte blocks. The Company has agreed that over the next 3 years, they will complete 76,000 acres of 3D seismic, fracture stimulate two existing wells and drill and fracture stimulate 3 new vertical wells. The cost of this program has been estimated at approximately $60 M.

On December 30, 2014, the Company announced that it had retained the services of Fenix Partners, an investment banking firm, to assist with finding a long term partner to provide both funding and expertise in developing the Vaca Muerta properties.

Operating results

During the quarter ended December 31, 2014, the Company recorded a loss of $1,122,246 ($0.01 per share) compared to a loss of $1,554,476 ($0.01 per share) for the same period in the prior year. For the six months ended December 31, 2014, the loss amounted to $2,687,560 compared to $2,346,103 for the previous year.

None of the properties in which the Company holds an interest recorded production income as of December 31, 2014.

Financing

On December 15, 2014 the Company announced a loan program to borrow up to $3,500,000 to fund ongoing operations while working with Fenix Partners to identify a long-term financial and/or operating partner.