TIDMCAZA
RNS Number : 8518E
Caza Oil & Gas, Inc.
07 June 2012
June 7, 2012
Caza Oil & Gas, Inc.
CAZA OIL & GAS PROVIDES OPERATIONAL UPDATE
HOUSTON, TEXAS (Marketwire - June 7, 2012) - Caza Oil & Gas,
Inc. ("Caza" or the "Company") (TSX: CAZ) (AIM: CAZA) is pleased to
provide an operational update on the Bradley 29 Prospect in Eddy
County, New Mexico.
The Bradley "29" Fed Com No. 3H horizontal well has reached its
total measured depth of approximately 12,690 feet, which includes a
lateral open-hole section of 4,165 feet. The lateral section was
drilled in the target objective 2nd Bone Spring sand. After
correlating and reviewing log data, which indicates multiple shows
for oil and natural gas throughout the 2nd Bone Spring lateral,
Caza has elected to participate with the operator's recommendation
to frac and complete the well in the 2nd Bone Spring sand. The frac
job is scheduled to occur on or around June 14, 2012. Caza has a
20% working interest and a 15% net revenue interest in the Bradley
"29" Fed Com No. 3H well.
The Bone Spring formation in Lea and Eddy Counties, New Mexico,
contains multiple potential pay zones for oil and liquids-rich
natural gas. Caza's current prospects in the horizontal Bone Spring
play are Lynch, Forehand Ranch, Lennox, Copperline, Mad River,
Bradley 29, Two Mesas and Quail Ridge. The Company has acquired
approximately 4,000 net acres in the play to date. The recently
released reserve report prepared by Netherland, Sewell &
Associates, Inc. as of December 31, 2011, assigned 100 viable Bone
Spring horizontal drilling locations to Caza's current leasehold
position with total proved plus probable plus possible net reserves
to the Company of 16.7 million barrels of oil equivalent ("MMboe")
(proved plus probable net reserves of 9.1 MMboe). This did not
include locations or reserves for the Bradley 29, Two Mesas or
Quail Ridge properties.
W. Michael Ford, Chief Executive Officer commented:
"We are very pleased with the results from the Bradley well. The
well was drilled on schedule and according to plan by the operator.
This was Caza's first foray into horizontal Bone Spring drilling,
and we look forward to completing this well and bringing it online
in the near future. We are also looking forward to beginning the
initial wells at some of Caza's other Bone Spring projects. We are
currently making preparations to drill Copperline, Forehand Ranch
and Lennox prospects. Once these operations commence, we will
inform the market accordingly."
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 +44 7796 861 892
Cenkos Securities plc
Jon Fitzpatrick +44 20 7397 8900 (London)
Beth McKiernan +44 131 220 6939 (Edinburgh)
VSA Capital Limited
Andrew Raca +44 (0)20 3005 5004
Malcolm Graham-Wood +44 (0)20 3005 5012
M:Communications
Patrick d'Ancona +44 20 7920 2330
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 timing and results of intended completion operations
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.
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.
The estimates of reserves for individual project areas may not
reflect the same confidence level as estimates of reserves for all
properties, due to the effects of aggregation. Boe may be
misleading, particularly if used in isolation. A boe conversion of
six thousand cubic feet: 1 barrel is based on an energy equivalency
conversion method primarily applicable at the burner tip and does
not represent a value equivalency at the well head.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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