Welcome!

News Feed Item

Caza Oil & Gas Announces Excellent Result on Initial Test Well at Gramma Ridge and Provides Operational Update

HOUSTON, TEXAS -- (Marketwired) -- 05/29/14 -- Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ) (AIM:CAZA) is pleased to announce another excellent result for the Company's Bone Spring program with the initial test well on its Gramma Ridge Property in Lea County, New Mexico, and to provide an update on drilling activity at its West Copperline, Forehand Ranch and Jazzmaster properties.

Gramma Ridge Property: The Gramma Ridge 27 State #1H horizontal Bone Spring test well (the "27-1H well") reached the intended total measured depth of approximately 15,496 feet in the 3rd Bone Spring Sand interval and was subsequently fracture stimulated beginning on May 13, 2014. Under controlled flowback the producing rates have steadily increased, and the well produced at a peak 24 hour gross rate of 830 barrels (bbls) of oil and 4.63 million cubic feet of natural gas, which equates to 1,602 bbls of oil equivalent, on May 27, 2014. The well was producing on a 24/64ths adjustable choke at 2,390 pounds per square inch flowing casing pressure. Oil is already being sold, and the Company expects to have natural gas flowing to sales in the near future.

In addition to production from the 3rd Bone Spring Sand interval, log data was obtained across the Brushy Canyon, Avalon and 1st and 2nd Bone Spring Sand intervals in the 27-1H well. The data indicates the presence of oil and natural gas across each of these intervals, which is favorable for future development on this 320 acre lease. Management believes the deeper Wolfcamp formation on the property is also prospective for oil and natural gas.

Caza currently has a 52.5% working interest (approximate 40.82% net revenue interest) in the Gramma Ridge 27-1H well and the property.

West Copperline Property: The Company is currently drilling ahead of schedule on the West Copperline 29 #4H horizontal Bone Spring well in Lea County, New Mexico, and should reach total measured depth within the 3rd Bone Spring Sand interval in approximately ten days. This well is a direct offset to the Company's producing West Copperline 29 #3H 3rd Bone Spring well and is anticipated to deliver similar results. The frac for this well is currently scheduled to begin on or around June 30, 2014. Once released, the Company plans to move the rig back to the Gramma Ridge property in order to commence drilling operations on the direct offset location to the 27-1H well.

Caza currently has a 62.5% working interest (approximate 47.25% net revenue interest) in the West Copperline 29 #4H well.

Forehand Ranch Property: The Company has begun a shallow pool Cherry Canyon development program at its Forehand Ranch property in Eddy County, New Mexico. The Cherry Canyon is a shallow oil interval in the Delaware Formation at approximately 4,000 feet vertical depth. The Company recently commenced drilling operations on the Forehand Ranch 22 State #1 vertical well and plans to initially drill three vertical wells in succession using the same rig.

Caza currently has a 63% working interest (approximate 47.25% net revenue interest) in the Forehand Ranch 22 State #1 well.

Jazzmaster Property: The non-operated Jazzmaster 17 State #3H horizontal Bone Spring well in Lea County New Mexico, has reached its intended total measured depth of 15,315 feet in the 2nd Bone Spring Sand interval and is scheduled to be fracture stimulated in the near future. This well is a direct offset to the Jazzmaster 17 State #4H well. The Company will update the market in due course once the frac is complete and the well is flowing to sales.

Log data was also obtained across the Brushy Canyon, Avalon and 1st and 3rd Bone Spring Sand intervals. The data indicates the presence of oil and natural gas across each of these intervals, which is favorable for the future development of the property.

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:

"We are extremely pleased with the Gramma Ridge result. Although the Gramma Ridge property is located in Lea County, New Mexico, this test well was a step out from our recent successes at the Marathon Road and West Copperline properties, which makes this result even more exciting and continues the Company's strong momentum in the Bone Spring play.

We have again been able to demonstrate the significant upside to be realized from stacked pay intervals in this play, as log and core data from the Gramma Ridge well suggest the 3rd Bone Spring Sand is only one of six potential pays present on this property for future development. We are very happy to continue the trend of creating significant shareholder value with this exceptional result.

We have a busy summer ahead and look forward to updating the market on our activity at West Copperline, Forehand Ranch and Jazzmaster properties once these wells are completed and brought online. The next scheduled Company operated well is the planned development well at Gramma Ridge, an offset to the very successful 27-1H well announced today."

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).

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", "suggests" and similar expressions. In particular, information regarding the potential or future development of any property, the timing of future sales, or the timing, scope or 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 Gramma Ridge 27 State #1H horizontal Bone Spring well is 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. Given that the value ratio based on the current price of oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be misleading as an indication of value.

Contacts:
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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Automation is enabling enterprises to design, deploy, and manage more complex, hybrid cloud environments. Yet the people who manage these environments must be trained in and understanding these environments better than ever before. A new era of analytics and cognitive computing is adding intelligence, but also more complexity, to these cloud environments. How smart is your cloud? How smart should it be? In this power panel at 20th Cloud Expo, moderated by Conference Chair Roger Strukhoff, pane...
Join us at Cloud Expo June 6-8 to find out how to securely connect your cloud app to any cloud or on-premises data source – without complex firewall changes. More users are demanding access to on-premises data from their cloud applications. It’s no longer a “nice-to-have” but an important differentiator that drives competitive advantages. It’s the new “must have” in the hybrid era. Users want capabilities that give them a unified view of the data to get closer to customers and grow business. The...
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st 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 w...
The current age of digital transformation means that IT organizations must adapt their toolset to cover all digital experiences, beyond just the end users’. Today’s businesses can no longer focus solely on the digital interactions they manage with employees or customers; they must now contend with non-traditional factors. Whether it's the power of brand to make or break a company, the need to monitor across all locations 24/7, or the ability to proactively resolve issues, companies must adapt to...
In this presentation, Striim CTO and founder Steve Wilkes will discuss practical strategies for counteracting fraud and cyberattacks by leveraging real-time streaming analytics. In his session at @ThingsExpo, Steve Wilkes, Founder and Chief Technology Officer at Striim, will provide a detailed look into leveraging streaming data management to correlate events in real time, and identify potential breaches across IoT and non-IoT systems throughout the enterprise. Strategies for processing massive ...
SYS-CON Events announced today that Cloud Academy named "Bronze Sponsor" of 21st International Cloud Expo which will take place October 31 - November 2, 2017 at the Santa Clara Convention Center in Santa Clara, CA. Cloud Academy is the industry’s most innovative, vendor-neutral cloud technology training platform. Cloud Academy provides continuous learning solutions for individuals and enterprise teams for Amazon Web Services, Microsoft Azure, Google Cloud Platform, and the most popular cloud com...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, presented a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to ma...
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 21st Int\ernational Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive advantage. By offering a suite of proven hosting and management services, Enzu wants companies to focus on the core of their ...
We build IoT infrastructure products - when you have to integrate different devices, different systems and cloud you have to build an application to do that but we eliminate the need to build an application. Our products can integrate any device, any system, any cloud regardless of protocol," explained Peter Jung, Chief Product Officer at Pulzze Systems, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
In the world of DevOps there are ‘known good practices’ – aka ‘patterns’ – and ‘known bad practices’ – aka ‘anti-patterns.' Many of these patterns and anti-patterns have been developed from real world experience, especially by the early adopters of DevOps theory; but many are more feasible in theory than in practice, especially for more recent entrants to the DevOps scene. In this power panel at @DevOpsSummit at 18th Cloud Expo, moderated by DevOps Conference Chair Andi Mann, panelists discussed...
SYS-CON Events announced today that IBM has been named “Diamond Sponsor” of SYS-CON's 21st Cloud Expo, which will take place on October 31 through November 2nd 2017 at the Santa Clara Convention Center in Santa Clara, California.