TIDMCAZA
RNS Number : 9505I
Caza Oil & Gas, Inc.
23 June 2011
June 23, 2011
Caza Oil & Gas, Inc.
CAZA OIL & GAS PROVIDES OPERATIONAL UPDATE
San Jacinto Property
HOUSTON, TEXAS (Marketwire - June 23, 2011) - Caza Oil &
Gas, Inc. ("Caza" or the "Company") (TSX: CAZ) (AIM: CAZA), the U.S
focused exploration, appraisal, development and production company,
is pleased to provide an operational update on the Company's San
Jacinto property in Midland County, Texas.
Caza, as operator, is pleased to announce that the Caza Elkins
3401 well in Midland County, Texas, reached a total depth of 11,854
feet on June 21, 2011. Electric logs indicate multiple potential
pay sands for both oil and gas in the Clearfork, Spraberry,
Wolfcamp, Strawn, Atoka and Devonian formations. Caza is currently
running production casing and preparing the Caza Elkins 3401 well
for further completion operations. The completion procedure will
include a fracture stimulation program.
The rig has been released and will be moved to the Caza Elkins
3402 well location. The positive results associated with the Caza
Elkins 3401 well have caused Caza to revise the target depth on the
Caza Elkins 3402 well from 10,500 feet, as previously announced, to
approximately 11,800 feet in order to test the Devonian formation.
The well should take approximately 30 days to reach the target
depth.
Frac crews are extremely busy and therefore difficult to
schedule in this area. Given positive results on the Caza Elkins
3402 well, the Company anticipates the initial fracture stimulation
procedures on both the Caza Elkins 3401 and 3402 wells to be
performed sequentially this August. Given the current environment
regarding frac crews, the Company believes that performing these
operations sequentially is the most expeditious and economically
prudent way forward.
The San Jacinto property covers approximately 480 acres with
five proven undeveloped locations, including the Caza Elkins 3401
and 3402 locations. Caza has a 100% working interest before
completion and an 85% working interest after completion in the Caza
Elkins 3401 well with a 63.75% net revenue interest. In all
subsequent wells on the San Jacinto property, including the Caza
Elkins 3402 well, Caza will have a 75% working interest and a
56.25% net revenue interest.
W. Michael Ford, Caza's Chief Executive Officer commented:
"We are very pleased with the results of the Caza Elkins 3401
well on the San Jacinto property. Log data suggests that the
potential pay sections are better than anticipated and we look
forward to drilling the Caza Elkins 3402 well and developing this
project in due course."
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.
For further information, please contact:
Caza Oil & Gas, Inc.
Michael Ford, CEO +1 432 682 7424
John McGoldrick, Chairman +1 832 573 1914/+44 7796 861 892
Cenkos Securities plc
Jon Fitzpatrick +44 20 7397 8900 (London)
Beth McKiernan +44 131 220 6939 (Edinburgh)
M: Communications
Patrick d'Ancona +44 20 7920 2330 (London)
Chris McMahon
The Toronto Stock Exchange has neither approved nor disapproved
the information contained herein.
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
Information in this news release that is not current or
historical factual information may constitute forward-looking
information within the meaning of securities laws. Such information
is often, but not always, identified by the use of words such as
"seek", "anticipate", "plan", "schedule", "continue", "estimate",
"expect", "may", "will", "project", "predict", "potential",
"intend", "could", "might", "should", "believe", "develop", "test",
"anticipation" and similar expressions. In particular, information
regarding the depth, timing and location of future drilling,
intended production testing and the Company's future working
interests and net revenue interests in properties contained in this
news release constitutes forward-looking information within the
meaning of securities laws.
Implicit in this information, are assumptions regarding the
success and timing of drilling operations, rig availability,
projected revenue and expenses and well performance. These
assumptions, although considered reasonable by the Company at the
time of preparation, may prove to be incorrect. Readers are
cautioned that actual future operations, operating results and
economic performance of the Company are subject to a number of
risks and uncertainties, including general economic, market and
business conditions and could differ materially from what is
currently expected as set out above. In addition, the geotechnical
analysis and engineering to be conducted in respect of the various
wells is not complete. Future flow rates from wells may vary,
perhaps materially, and wells may prove to be technically or
economically unviable. Any future flow rates will be subject to the
risks and uncertainties set out herein.
For more exhaustive information on these risks and uncertainties
you should refer to the Company's most recently filed annual
information form which is available at www.sedar.com and the
Company's website at www.cazapetro.com. You should not place undue
importance on forward-looking information and should not rely upon
this information as of any other date. While we may elect to, we
are under no obligation and do not undertake to update this
information at any particular time except as may be required by
securities laws.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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