Drilling Commencement on Sombrero Property (7331Y)
March 08 2012 - 2:11PM
UK Regulatory
This story was originally intended to be published on
3/6/2012.
TIDMCAZA
RNS Number : 7331Y
Caza Oil & Gas, Inc.
06 March 2012
March 6, 2012
Caza Oil & Gas, Inc.
CAZA OIL & GAS ANNOUNCES DRILLING COMMENCEMENT
ON SOMBRERO PROPERTY
HOUSTON, TEXAS (Marketwire - March 6, 2012) - 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 announce that drilling has commenced on the
WC 35 State No. 1 well on the Company's Sombrero prospect in Lea
County, New Mexico. WC 35 State No. 1 is the initial test well on
this property. The well has a proposed total depth of approximately
11,600 feet and is targeting oil and natural gas in the
Pennsylvanian aged Cisco formation.
As previously announced, Caza entered into a farmout agreement
with CML Exploration, LLC ("CML"), naming CML as operator. The
prospect covers approximately 1,920 gross acres. Caza retained and
is participating for a 20% working interest and an approximate
17.125% net revenue interest under the farmout with CML.
W. Michael Ford, Chief Executive Officer commented:
"We are very pleased that CML has commenced drilling operations
on the Sombrero prospect. If successful, this property has good
development potential and will add further value to the Company
through increased cash flows and oil and natural gas reserves.
Although this is a non-operated property, it is an example of
utilizing our current prospect and lease inventory to target and
test oil and liquids-rich opportunities in southeast New
Mexico."
About Caza
Caza is engaged in the acquisition, exploration, development and
production of hydrocarbons in the following regions of the United
States of America through its subsidiary, Caza Petroleum, Inc.:
Texas and Louisiana Gulf Coast (on-shore), and the Permian Basin
(West Texas and Southeast New Mexico).
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 STATEMENT
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", "hope", "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 completion operations, availability of funds to support
the Company's drilling and completion of the well, future
production, future cash flow, future reserves, intended production
testing, future results from the well and the Company's future
working interest and net revenue interest in the property 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 well
described in this press release is not complete. Future flow rates
from the well disclosed in this press release will vary, perhaps
materially, and 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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