Welcome!

News Feed Item

Caza Oil & Gas Announces 10% Increase in Proved Reserves and Updated Reserves Figures

HOUSTON, TEXAS -- (Marketwired) -- 06/09/14 -- Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX: CAZ) (AIM: CAZA) is pleased to provide an increase in reserves in the current year as a result of its successful development drilling program in the Bone Spring formation since December 31, 2013.

Total Net Reserves: In the Company's latest reserves report as at April 30, 2014 (the "Reserves Report"), prepared by Netherland Sewell & Associates, Inc., total proved reserves ("1P") have increased to 4,875 Mboe, representing an increase of approximately 10% from December 31, 2013. Small gains in the Company's proved plus probable ("2P") and proved plus probable plus possible ("3P") reserves were also recorded as a result of the Company's successful development drilling program during the period.

Net Bone Spring Reserves: The Company currently has 21 gross (4.6 net) wells producing from the Bone Spring formation. The Company's Bone Spring properties have been assigned approximately 4,215 Mboe of proved reserves in the Reserves Report (3,727 M\boe as at December 31, 2013, representing an increase of 13.1% in the reserves attributed to these properties). The Reserves Report has also assigned approximately 18,020 Mboe of 2P reserves and approximately 35,080 Mboe of 3P reserves to these properties (17,602 Mboe of 2P reserves and approximately 34,600 Mboe of 3P reserves as at December 31, 2013).

The following tables describe the increase in the Company's net reserves and associated net present values from December 31, 2013 to April 30, 2014.

Total Net Reserve Volumes:


----------------------------------------------------------------------------
                             December 31, 2013                April 30, 2014
----------------------------------------------------------------------------
                   Oil and   Natural             Oil and   Natural
                       NGL       Gas                 NGL       Gas
                    (Mbbl)    (MMcf)      Mboe    (Mbbl)    (MMcf)      Mboe
----------------------------------------------------------------------------
Proved
  Developed
   Producing         701.7   1,264.2     912.4   1,105.5   1,641.4   1,379.1
----------------------------------------------------------------------------
  Developed Non-
   Producing          49.9     269.3      94.8      38.9     255.7      81.5
----------------------------------------------------------------------------
  Undeveloped      2,431.9   6,030.2   3,436.9   2,426.0   5,935.2   3,415.2
----------------------------------------------------------------------------
Total
Proved             3,183.5   7,563.7   4,444.1   3,570.4   7,832.3   4,875.8
----------------------------------------------------------------------------
Probable          10,615.2  25,518.0  14,868.2  10,290.4  25,228.6  14,495.2
----------------------------------------------------------------------------
Total
Proved +
 Probable         13,798.7  33,081.7  19,312.3  13,860.8  33,060.9  19,371.0
----------------------------------------------------------------------------
Possible          12,772.5  36,506.6  18,857.0  12,784.0  36,531.4  18,872.5
----------------------------------------------------------------------------
Total
Proved +
 Probable +
 Possible         26,571.2  69,588.3  38,169.3  26,644.8  69,592.2  38,243.5
----------------------------------------------------------------------------

Net Present Values of Future Net Revenue:


----------------------------------------------------------------------------
                                         December 31, 2013    April 30, 2014
                                                  (US$000)          (US$000)
----------------------------------------------------------------------------
Proved
  Developed Producing                             30,742.9          48,449.2
----------------------------------------------------------------------------
  Developed Non-Producing                          2,011.5             1,657
----------------------------------------------------------------------------
  Undeveloped                                     42,806.3          43,938.5
----------------------------------------------------------------------------
Total
Proved                                            75,560.7          94,044.6
----------------------------------------------------------------------------
Probable                                         144,894.5         139,381.5
----------------------------------------------------------------------------
Total
Proved + Probable                                220,455.2         233,426.1
----------------------------------------------------------------------------
Possible                                          84,050.3          87,554.4
----------------------------------------------------------------------------
Total
Proved + Probable + Possible                     304,505.5         320,980.5
----------------------------------------------------------------------------
Notes:
1.  Before income taxes, discounted at 10%.
2.  Based on forecast pricing as at December 31, 2013.
3.  The estimates of future net revenue disclosed herein do not represent
    fair market value.

W. Michael Ford, Chief Executive Officer commented:

"We are pleased to provide these updated reserve figures. The increase in 1P reserves is a result of our successful development drilling program in the Bone Springs play. As we continue to drill development wells in the play, we anticipate our 1P reserves will continue to increase as we prove up probable and possible reserves from the 2P and 3P categories."

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.

Note on Reserves Data:

The reserves data set out herein have been extracted from the Reserves Report and are presented on a net basis. The evaluation of the reserves data included in the Reserves Report complies with standards set out in the Canadian Oil and Gas Evaluation Handbook prepared jointly by the Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society).

Totals may not add because of rounding. Mbbl, MMcf and Mboe refer to thousand barrels, million cubic feet and thousand barrels of oil equivalent, respectively.

The term boe may be misleading, particularly if used in isolation. A boe conversion of six thousand cubic feet per one 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.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.

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", "project", "predict", "potential", "intend", "could", "might", "should", "believe", "develop", "test", "anticipation" and similar expressions. In particular, information regarding future drilling operations or reserves growth or reclassification contained in this news release constitutes forward-looking information within the meaning of securities laws.

Implicit in this information, are assumptions regarding the economics of the oil and gas industry, future budgets and costs, success and timing of drilling operations, rig availability, projected production, 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.

Contacts:
Caza Oil & Gas, Inc.
Michael Ford, CEO
+1 432 682 7424

Caza Oil & Gas, Inc.
John McGoldrick, Chairman
+65 9731 7471 (Singapore)

Cenkos Securities plc
Beth McKiernan
+44 131 220 9778 (Edinburgh)

Cenkos Securities plc
Neil McDonald
+44 131 220 6939 (Edinburgh)

Vigo Communications
Chris McMahon
+44 20 7016 9570

Vigo Communications
Patrick d'Ancona
+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
It is one thing to build single industrial IoT applications, but what will it take to build the Smart Cities and truly society changing applications of the future? The technology won’t be the problem, it will be the number of parties that need to work together and be aligned in their motivation to succeed. In his Day 2 Keynote at @ThingsExpo, Henrik Kenani Dahlgren, Portfolio Marketing Manager at Ericsson, discussed how to plan to cooperate, partner, and form lasting all-star teams to change the...
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
When building large, cloud-based applications that operate at a high scale, it’s important to maintain a high availability and resilience to failures. In order to do that, you must be tolerant of failures, even in light of failures in other areas of your application. “Fly two mistakes high” is an old adage in the radio control airplane hobby. It means, fly high enough so that if you make a mistake, you can continue flying with room to still make mistakes. In his session at 18th Cloud Expo, Lee A...
A strange thing is happening along the way to the Internet of Things, namely far too many devices to work with and manage. It has become clear that we'll need much higher efficiency user experiences that can allow us to more easily and scalably work with the thousands of devices that will soon be in each of our lives. Enter the conversational interface revolution, combining bots we can literally talk with, gesture to, and even direct with our thoughts, with embedded artificial intelligence, whic...
“We're a global managed hosting provider. Our core customer set is a U.S.-based customer that is looking to go global,” explained Adam Rogers, Managing Director at ANEXIA, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at 20th Cloud Expo, Ed Featherston, director/senior enterprise architect at Collaborative Consulting, will discuss the key considerations around quality, volume, timeliness, and pedigree that must be dealt with in order to properly fuel that engine.
Manufacturers are embracing the Industrial Internet the same way consumers are leveraging Fitbits – to improve overall health and wellness. Both can provide consistent measurement, visibility, and suggest performance improvements customized to help reach goals. Fitbit users can view real-time data and make adjustments to increase their activity. In his session at @ThingsExpo, Mark Bernardo Professional Services Leader, Americas, at GE Digital, discussed how leveraging the Industrial Internet and...
Cognitive Computing is becoming the foundation for a new generation of solutions that have the potential to transform business. Unlike traditional approaches to building solutions, a cognitive computing approach allows the data to help determine the way applications are designed. This contrasts with conventional software development that begins with defining logic based on the current way a business operates. In her session at 18th Cloud Expo, Judith S. Hurwitz, President and CEO of Hurwitz & ...
910Telecom exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and exchanges.
Whether you like it or not, DevOps is on track for a remarkable alliance with security. The SEC didn’t approve the merger. And your boss hasn’t heard anything about it. Yet, this unruly triumvirate will soon dominate and deliver DevSecOps faster, cheaper, better, and on an unprecedented scale. In his session at DevOps Summit, Frank Bunger, VP of Customer Success at ScriptRock, discussed how this cathartic moment will propel the DevOps movement from such stuff as dreams are made on to a practic...
As software becomes more and more complex, we, as software developers, have been splitting up our code into smaller and smaller components. This is also true for the environment in which we run our code: going from bare metal, to VMs to the modern-day Cloud Native world of containers, schedulers and micro services. While we have figured out how to run containerized applications in the cloud using schedulers, we've yet to come up with a good solution to bridge the gap between getting your contain...
The modern software development landscape consists of best practices and tools that allow teams to deliver software in a near-continuous manner. By adopting a culture of automation, measurement and sharing, the time to ship code has been greatly reduced, allowing for shorter release cycles and quicker feedback from customers and users. Still, with all of these tools and methods, how can teams stay on top of what is taking place across their infrastructure and codebase? Hopping between services a...
Niagara Networks exhibited at the 19th International Cloud Expo, which took place at the Santa Clara Convention Center in Santa Clara, CA, in November 2016. Niagara Networks offers the highest port-density systems, and the most complete Next-Generation Network Visibility systems including Network Packet Brokers, Bypass Switches, and Network TAPs.
Zerto exhibited at SYS-CON's 18th International Cloud Expo®, which took place at the Javits Center in New York City, NY, in June 2016. Zerto is committed to keeping enterprise and cloud IT running 24/7 by providing innovative, simple, reliable and scalable business continuity software solutions. Through the Zerto Cloud Continuity Platform™, organizations can seamlessly move and protect virtualized workloads between public, private and hybrid clouds. The company’s flagship product, Zerto Virtual...