TIDMCAZA
RNS Number : 9519J
Caza Oil & Gas, Inc.
07 July 2011
July 7, 2011
Caza Oil & Gas, Inc.
CAZA OIL & GAS PROVIDES OPERATIONAL UPDATE
Bongo Property/ O.B. Ranch #2 Well
HOUSTON, TEXAS (Marketwire - July 7, 2011) - Caza Oil & Gas,
Inc. ("Caza" or the "Company") (TSX: CAZ) (AIM: CAZA), the U.S
focused exploration, appraisal, development and production company,
provides an operational update on the Company's Bongo Property
concerning the O.B. Ranch #2 development well in Wharton County,
Texas.
Caza, as operator, is pleased to announce that the O.B. Ranch #2
development well has reached its target depth of 13,210 feet and
electric logs have been obtained through the target depth. The logs
indicate potential pay in the Frio, Yegua and targeted Cook
Mountain formations.
Data from the logs and core samples from the well have confirmed
Caza's geologic and seismic modeling, which hypothesized that the
O.B. Ranch #1 discovery well (which originally targeted a deeper
Wilcox structure) was producing from the fringe of a more extensive
Cook Mountain sand package. The O.B. Ranch #2 development well has
been drilled closer to what Caza believes to be the center of the
Cook Mountain anomaly with the aim of gaining valuable geologic
knowledge of the Bongo/Cook Mountain sand and the regional Cook
Mountain sand picture, while adding further production to the
Company's portfolio.
The O.B. Ranch #2 is in a higher structural position than the
O.B. Ranch #1 well, and log and seismic data support thicker,
better sorted, potential pay sands with better porosity within the
Cook Mountain section than those found in the O.B. Ranch #1. Due to
concerns over existing downhole conditions, Caza was unable to run
the micro imaging tool used in the O.B. Ranch #1 well, which helps
to identify net effective pay. However, the Company was able to run
a high resolution triple combination logging tool, which was more
than adequate to define lithology and potential pay sections within
the wellbore.
Caza is currently running production casing and preparing the
O.B. Ranch #2 well for further completion operations in the Cook
Mountain. The completion procedure will include a fracture
stimulation program, which is scheduled for the end of July, 2011.
The initial rate will be announced following completion of the
fracture stimulation procedure.
The log data also indicates potential pay in the shallower Frio
and Yegua formations at approximately 5,530 feet and 9,000 feet
respectively.
Caza currently has a 45.28% working interest and an approximate
33.51% net revenue interest in the Bongo property and wells.
W. Michael Ford, Caza's Chief Executive Officer commented:
"We are very pleased with the results of the O.B. Ranch #2 well.
The data from this well has confirmed our scientific model and will
be instrumental in efficiently developing the Bongo property.
Additionally, Caza is beginning to receive the initial data from
our proprietary seismic reprocessing in this area, which looks very
promising. The Company currently has several exploration prospects
under lease that should benefit from this newly gathered data as
should Caza's future exploratory prospect development in Wharton
County."
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, development operations, 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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