TIDMCAZA
RNS Number : 5716K
Caza Oil & Gas, Inc.
26 June 2014
June 26, 2014
Caza Oil & Gas, Inc.
CAZA OIL & GAS ANNOUNCES ANOTHER SUCCESSFUL BONE SPRING
WELL
HOUSTON, TEXAS (Marketwire - June 26, 2014) - Caza Oil &
Gas, Inc. ("Caza" or the "Company") (TSX: CAZ) (AIM: CAZA) is
pleased to announce another successful drilling result in the
Company's Bone Spring exploration and development program with the
first development well on the non-operated Jazzmaster Property in
Lea County, New Mexico.
The Jazzmaster 17 State #3H horizontal Bone Spring development
well reached its intended total measured depth of approximately
15,315 feet in the 2(nd) Bone Spring Sand interval on May 22, 2014,
and was subsequently fracture stimulated beginning on June 9, 2014.
Under controlled flowback, the producing rates have remained
steady. On June 23, 2014, the well produced at a peak 24 hour rate
of 650 barrels (bbls) of oil equivalent, which consists of 569 bbls
of oil and 488 thousand cubic feet of natural gas. The well
continues to clean up and is producing on a 48/64ths choke at 590
pounds per square inch flowing casing pressure. This well is a
direct offset to the Jazzmaster 17 State #4H test well, which means
infrastructure is already in place and oil and natural gas are
already going directly to sales.
Log and core data were also obtained across certain intervals
including the Brushy Canyon, Avalon and 1(st) and 3(rd) Bone Spring
Sand intervals in both wells. The data indicates the presence of
oil and natural gas across each of these intervals, which is
favorable for the future development of these sections.
Caza has a 25.0% working interest (approximately 19.94% net
revenue interest) in the Jazzmaster 17 State #3H and #4H wells and
the balance of the property, which is approximately 480 acres.
W. Michael Ford, Chief Executive Officer commented:
"The completion of this first development well at Jazzmaster is
another great result for the Company's Bone Spring program and
exceeds expectations. We are very pleased with this well and the
development opportunities still to come on this property. Like
Caza's other Bone Spring properties, the Jazzmaster property has
multi-pay potential from the primary zones in the play, as proven
by the log and core data from both wells.
All of Caza's Bone Spring properties are close to existing
infrastructure, but as we drill development wells on properties
that are already producing, such as Jazzmaster, it expedites
already quick hook-up times. This means that both oil and natural
gas are being sold within a few days of coming online."
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.:
Permian Basin (West Texas and Southeast New Mexico) and Texas and
Louisiana Gulf Coast (on-shore).
For further information, please contact:
Caza Oil & Gas, Inc.
Michael Ford, CEO +1 432 682 7424
John McGoldrick, Chairman +65 9731 7471 (Singapore)
Cenkos Securities plc
Beth McKiernan +44 131 220 9778 (Edinburgh)
Neil McDonald +44 131 220 6939 (Edinburgh)
Vigo Communications
Chris McMahon +44 20 7016 9570
Patrick d'Ancona
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", "excellent", "may", "will", "hope", "project", "predict",
"potential", "intend", "could", "might", "should", "believe",
"develop", "test", "anticipation", "looks to be" and similar
expressions. In particular, information regarding timing of and
information to be obtained from drilling operations, completion
operations and future production ratios, cash flows and reserve
values 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 production, 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, well performance and operating
risks and could differ materially from what is currently expected
as set out above. The Jazzmaster 17 State #3H and #4H horizontal
Bone Spring wells are in early stages of production. Future flow
rates may vary, perhaps materially, and the tests disclosed herein
are not necessarily indicative of long-term performance or of
ultimate recovery.
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.
Boe or barrel of oil equivalent 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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