CAZA Caza Oil & Gas

RNS Number:1119R
Caza Oil & Gas, Inc.
31 March 2008

NEWS RELEASE TRANSMITTED BY MARKETWIRE



FOR:  CAZA OIL & GAS, INC.



TSX SYMBOL:  CAZ

AIM SYMBOL:  CAZA



March 31, 2008



 CAZA OIL & GAS, INC. ANNOUNCES RESULTS OF RECENT DRILLING

 Wilcox 116 and Lynch Properties

HOUSTON, TEXAS--(Marketwire - March 31, 2008) - Caza Oil & Gas, Inc.(TSX:CAZ)
(AIM:CAZA) is pleased to announce that exploration wells on its Wilcox 116
Property in Wharton County, Texas and the Lynch Property, in Lea County, New
Mexico both successfully encountered gas and the Company expects to bring both
wells into production following completion and tie-in to gathering systems.


Wilcox 116 Property - Located in Wharton County, Texas, the Jonell Cerny gas
unit #1 well commenced drilling on January 15, 2008 and reached a total depth of
16,510 feet on March 3, 2008. Petrophysical logs were run on March 8, 2008 and
analysis of the data indicates the well encountered Wilcox Sand pay at multiple
intervals from 13,500 feet to 16,400 feet. Completion operations are planned to
commence around April 9, 2008 pending pipeline connection into the gathering
system.


The sands targeted by this well are currently producing in Caza's nearby
Matthys-McMillan well. The success of this well would establish numerous
development locations on the Wilcox 116 Property. Caza is the operator of this
well and drilled and earned a 29.9% working interest (which reduces to a 27.8%
working interest after completion of the initial well and a corresponding 20.9%
net revenue interest).


Lynch Property - Located in Lea County, New Mexico, the Mud Slide Slim "15"
Federal Com. #1 commenced drilling on January 12, 2008 and reached a total depth
of 13,513 feet on March 2, 2008. Petrophysical logs were run on March 3, 2008
and analysis of the data indicates the well encountered Morrow Sand pay at
multiple intervals from 13,040 feet to 13,160 feet. Completion operations are
planned to commence around May 6, 2008 pending a pipeline connection into the
gathering system.


Caza has earned a 40.0% working interest (31.3% net revenue interest) before
payout which reduces to a 27.8% working interest (20.9% net revenue interest)
after payout of the initial well in this property.


Mike Ford, Chief Executive Officer of the Company, commented:"We are delighted
to be able to report positive news about these exploration wells and look
forward to updating shareholders on initial flow rates when operations are
completed. Successful production from these wells will create additional
low-risk drilling opportunities which we believe will provide future growth in
production, cash flow and shareholder value."



About Caza


Caza is engaged in the acquisition, exploration, development and production of
hydrocarbons in the Texas Gulf Coast (on-shore), south Louisiana, southeast New
Mexico and the Permian Basin of west Texas regions of the United States of
America through its subsidiary, Caza Petroleum, Inc.


In accordance with AIM Rules - Guidance Note for Mining, Oil and Gas Companies,
the information contained in this announcement has been reviewed and approved by
Anthony B. Sam, Vice President Operations of Caza who is a Petroleum Engineer
and a member of The Society of Petroleum Engineers.


ADVISORY REGARDING FORWARD-LOOKING STATEMENTS - In the interests of providing
Caza shareholders and potential investors with information regarding Caza,
including management's assessment of Caza's and its subsidiaries' future plans
and operations, certain statements contained in this news release are
forward-looking statements or information within the meaning of applicable
securities legislation, collectively referred to herein as "forward-looking
statements". Forward-looking statements in this news release include, but are
not limited to: future economic and operating performance; anticipated growth
and success of resource plays and the expected characteristics of resource
plays; anticipated production and sales of oil, natural gas and NGLs;
anticipated capital investment and the allocation thereof; anticipated growth in
hydrocarbon production.


Readers are cautioned not to place undue reliance on forward-looking statements,
as there can be no assurance that the plans, intentions or expectations upon
which they are based will occur. By their nature, forward-looking statements
involve numerous assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that the predictions,
forecasts, projections and other forward-looking statements will not occur,
which may cause the company's actual performance and financial results in future
periods to differ materially from any estimates or projections of future
performance or results expressed or implied by such forward-looking statements.
These risks and uncertainties include, among other things: volatility of and
assumptions regarding oil and gas prices; assumptions based upon the company's
current guidance; fluctuations in currency exchange and interest rates; product
supply and demand; market competition; risks inherent in the company's marketing
operations, including credit risks; imprecision of reserve estimates and
estimates of recoverable quantities of oil, natural gas and liquids from
resource plays and other sources not currently classified as proved; the
company's ability to replace and expand oil and gas reserves; the company's
ability to generate sufficient cash flow from operations to meet its current and
future obligations; the company's ability to access external sources of debt and
equity capital; the timing and the costs of well and pipeline construction; the
company's ability to secure adequate product transportation; changes in royalty,
tax, environmental and other laws or regulations or the interpretations of such
laws or regulations; the risk of terrorist threats; risks associated with future
lawsuits and regulatory actions made against the company; and other risks and
uncertainties described from time to time in the reports and filings made with
securities regulatory authorities by Caza.


Although Caza believes that the expectations represented by such forward-looking
statements are reasonable, there can be no assurance that such expectations will
prove to be correct. Readers are cautioned that the foregoing list of important
factors is not exhaustive. Furthermore, the forward-looking statements contained
in this news release are made as of the date of this news release, and, except
as required by law or regulation, Caza does not undertake any obligation to
update publicly or to revise any of the included forward-looking statements,
whether as a result of new information, future events or otherwise. The
forward-looking statements contained in this news release are expressly
qualified by this cautionary statement.



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FOR FURTHER INFORMATION PLEASE CONTACT:


Caza Oil & Gas, Inc.
John McGoldrick
Executive Chairman
(281) 363-4442
Website: www.cazapetro.com


OR


Noble & Company Limited
Nick Naylor / Jamie Boyd
Nominated Adviser and Joint Broker
+44 (0) 20 7763 2200


OR


Aquila Financial Ltd.
Peter Reilly
Financial Public Relations Advisers
+44 (0) 118 979 4100


The Toronto Stock Exchange has neither approved nor disapproved the information
contained herein.


INDUSTRY:  Energy and Utilities-Oil and Gas

SUBJECT:   DRO


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                      This information is provided by RNS
            The company news service from the London Stock Exchange
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