|By Marketwired .||
|March 11, 2014 05:31 AM EDT||
HOUSTON, TEXAS -- (Marketwired) -- 03/11/14 -- Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ)(AIM:CAZA) is pleased to announce another strong result for the Company's Bone Spring program with the second test well on its West Copperline Property in Lea County, New Mexico.
The West Copperline 29 Fed #3H horizontal Bone Spring test well (the "3H well") reached the intended total measured depth of approximately 15,804 feet in the 3rd Bone Spring Sand interval and was subsequently fracture stimulated beginning on February 20, 2014. Under controlled flowback the producing rates have remained steady, and the well produced at a peak 24 hour gross rate of 879 barrels (bbls) of oil and 1,374 million cubic feet of natural gas, which equates to 1,108 bbls of oil equivalent on March 7, 2014. The well continues to clean up and is producing on a 22/64ths adjustable choke at 1,650 pounds per square inch flowing tubing pressure. Facilities have been in place since completing the West Copperline 29 Fed #1H well (the "1H well"), so oil and natural gas from the 3H well are already being sold.
This is a significant result given that it's the first 3rd Bone Spring test well at West Copperline. The initial test well on this property, the 1H well, was completed and is producing out of the 2nd Bone Spring Sand interval directly above the 3H well in the same 160 acre tract. The 1H and 3H wells are both very strong wells and demonstrate the significant upside provided by stacked pay sands at West Copperline and in the broader Bone Spring play. In addition to this 160 acre tract, there are three remaining 160 acre tracts yet to be developed.
Notwithstanding production from the 2nd and 3rd Bone Spring Sand intervals in the 1H and 3H wells respectively, log data was also obtained across the Brushy Canyon, Avalon and 1st Bone Spring Sand intervals in the 3H well. The data indicates the presence of oil and natural gas across each of these intervals, which is favorable for future development on this 160 acre tract as well as the three remaining 160 acre tracts on the property. Management believes the deeper Wolfcamp formation on the property is also prospective for oil and natural gas.
The rig was released and immediately moved to the West Copperline Fed #2H well (the "2H well") location and commenced drilling on February 17, 2014. The 2H well is targeting the 2nd Bone Spring Sand interval and is a direct offset to the 2nd Bone Spring interval producing in the 1H well. The fracture stimulation for the 2H well is currently scheduled to begin during the second week of April 2014.
Caza currently has a 62.5% working interest (approximate 47.25% net revenue interest) in the West Copperline 29 1H, 2H and 3H wells.
W. Michael Ford, Chief Executive Officer commented:
"This is another excellent result on the West Copperline Property and continues the Company's success in the Bone Spring play. Our Bone Spring program continues to create additional value for our shareholders, and we are excited about this result, as it demonstrates the significant upside to be realized from stacked pay sands in this area. Furthermore, our log and core data suggest the 2nd and 3rd Bone Spring Sands are only two of six potential pays present on this property, which indicates the potential for even greater upside with future development."
"The fact that oil and natural gas from the 3H well are already being sold demonstrates our ability to get our products to sales in very short order, which is another positive aspect of this play."
"We are drilling ahead on the 2H well and hope to reach total measured depth in the horizontal section within approximately ten days. This well is a direct offset to the 1H well and is anticipated to deliver similar results. We look forward to updating the market once the frac is complete and the well is flowing to sales in a few weeks. Once the 2H well has reached total measured depth, the rig will be moved to the Gramma Ridge prospect to commence drilling operations on the initial test well."
"Additionally, we were happy to learn that the fracture stimulation on the non-operated Marathon Road well began yesterday. We look forward to updating the market in a few weeks once the frac is complete and the well is flowing to sales."
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).
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.
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", "suggests" and similar expressions. In particular, information regarding timing, success of, and information to be obtained from drilling or completion operations and potential pay zones 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 West Copperline 29 Fed #1H and #3H 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.
Caza Oil & Gas, Inc.
+1 432 682 7424
Caza Oil & Gas, Inc.
+65 9731 7471 (Singapore)
Cenkos Securities plc
+44 131 220 9778 (Edinburgh)
Cenkos Securities plc
+44 131 220 6939 (Edinburgh)
+44 20 7016 9570
SYS-CON Events announced today that Pulzze Systems will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
Sep. 25, 2016 09:45 AM EDT Reads: 1,758
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Sep. 25, 2016 09:45 AM EDT Reads: 4,255
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
Sep. 25, 2016 09:00 AM EDT Reads: 1,527
SYS-CON Events announced today that Secure Channels will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The bedrock of Secure Channels Technology is a uniquely modified and enhanced process based on superencipherment. Superencipherment is the process of encrypting an already encrypted message one or more times, either using the same or a different algorithm.
Sep. 25, 2016 08:15 AM EDT Reads: 1,458
The Internet of Things can drive efficiency for airlines and airports. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Sudip Majumder, senior director of development at Oracle, will discuss the technical details of the connected airline baggage and related social media solutions. These IoT applications will enhance travelers' journey experience and drive efficiency for the airlines and the airports. The session will include a working demo and a technical d...
Sep. 25, 2016 08:00 AM EDT Reads: 1,666
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...
Sep. 25, 2016 08:00 AM EDT Reads: 1,481
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
Sep. 25, 2016 08:00 AM EDT Reads: 1,495
SYS-CON Events announced today the Enterprise IoT Bootcamp, being held November 1-2, 2016, in conjunction with 19th Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA. Combined with real-world scenarios and use cases, the Enterprise IoT Bootcamp is not just based on presentations but with hands-on demos and detailed walkthroughs. We will introduce you to a variety of real world use cases prototyped using Arduino, Raspberry Pi, BeagleBone, Spark, and Intel Edison. Y...
Sep. 25, 2016 06:30 AM EDT Reads: 2,802
Most of us already know that adopting new cloud applications can boost a business’s productivity by enabling organizations to be more agile and ready to change course in our fast-moving and connected digital world. But the rapid adoption of cloud apps and services also brings with it profound security threats, including visibility and control challenges that aren’t present in traditional on-premises environments. At the same time, the cloud – because of its interconnected, flexible and adaptable...
Sep. 25, 2016 05:45 AM EDT Reads: 1,609
Technology vendors and analysts are eager to paint a rosy picture of how wonderful IoT is and why your deployment will be great with the use of their products and services. While it is easy to showcase successful IoT solutions, identifying IoT systems that missed the mark or failed can often provide more in the way of key lessons learned. In his session at @ThingsExpo, Peter Vanderminden, Principal Industry Analyst for IoT & Digital Supply Chain to Flatiron Strategies, will focus on how IoT de...
Sep. 25, 2016 05:30 AM EDT Reads: 990
Fact is, enterprises have significant legacy voice infrastructure that’s costly to replace with pure IP solutions. How can we bring this analog infrastructure into our shiny new cloud applications? There are proven methods to bind both legacy voice applications and traditional PSTN audio into cloud-based applications and services at a carrier scale. Some of the most successful implementations leverage WebRTC, WebSockets, SIP and other open source technologies. In his session at @ThingsExpo, Da...
Sep. 25, 2016 04:45 AM EDT Reads: 1,512
SYS-CON Events announced today that China Unicom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. China United Network Communications Group Co. Ltd ("China Unicom") was officially established in 2009 on the basis of the merger of former China Netcom and former China Unicom. China Unicom mainly operates a full range of telecommunications services including mobile broadband (GSM, WCDMA, LTE F...
Sep. 25, 2016 04:15 AM EDT Reads: 1,686
SYS-CON Events announced today that Roundee / LinearHub will exhibit at the WebRTC Summit at @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. LinearHub provides Roundee Service, a smart platform for enterprise video conferencing with enhanced features such as automatic recording and transcription service. Slack users can integrate Roundee to their team via Slack’s App Directory, and '/roundee' command lets your video conference ...
Sep. 25, 2016 04:15 AM EDT Reads: 1,383
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
Sep. 25, 2016 03:15 AM EDT Reads: 3,353
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
Sep. 25, 2016 02:45 AM EDT Reads: 1,716