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
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...
Everyone knows that truly innovative companies learn as they go along, pushing boundaries in response to market changes and demands. What's more of a mystery is how to balance innovation on a fresh platform built from scratch with the legacy tech stack, product suite and customers that continue to serve as the business' foundation. In his General Session at 19th Cloud Expo, Michael Chambliss, Head of Engineering at ReadyTalk, discussed why and how ReadyTalk diverted from healthy revenue and mor...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
The Internet of Things (IoT) promises to simplify and streamline our lives by automating routine tasks that distract us from our goals. This promise is based on the ubiquitous deployment of smart, connected devices that link everything from industrial control systems to automobiles to refrigerators. Unfortunately, comparatively few of the devices currently deployed have been developed with an eye toward security, and as the DDoS attacks of late October 2016 have demonstrated, this oversight can ...
"MathFreeOn.com is a line coding platform for engineers and scientists. When they want to solve an engineering problem and they have to use software - they have to pay a lot of money for licenses - but with MathFreeOn you don't have to pay a lot of money. Just go to our site and write the code and you can check the result right away," explained Simon Lee, CMO of MathFreeOn, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Cla...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
In his session at Cloud Expo, Robert Cohen, an economist and senior fellow at the Economic Strategy Institute, provideed economic scenarios that describe how the rapid adoption of software-defined everything including cloud services, SDDC and open networking will change GDP, industry growth, productivity and jobs. This session also included a drill down for several industries such as finance, social media, cloud service providers and pharmaceuticals.
"Dice has been around for the last 20 years. We have been helping tech professionals find new jobs and career opportunities," explained Manish Dixit, VP of Product and Engineering at Dice, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"ReadyTalk is an audio and web video conferencing provider. We've really come to embrace WebRTC as the platform for our future of technology," explained Dan Cunningham, CTO of ReadyTalk, in this SYS-CON.tv interview at WebRTC Summit at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Extracting business value from Internet of Things (IoT) data doesn’t happen overnight. There are several requirements that must be satisfied, including IoT device enablement, data analysis, real-time detection of complex events and automated orchestration of actions. Unfortunately, too many companies fall short in achieving their business goals by implementing incomplete solutions or not focusing on tangible use cases. In his general session at @ThingsExpo, Dave McCarthy, Director of Products...
Infrastructure is widely available, but who’s managing inbound/outbound traffic? Data is created, stored, and managed online – who is protecting it and how? In his session at 19th Cloud Expo, Jaeson Yoo, SVP of Business Development at Penta Security Systems Inc., discussed how to keep any and all infrastructure clean, safe, and efficient by monitoring and filtering all malicious HTTP/HTTPS traffic at the OSI Layer 7. Stop attacks and web intruders before they can enter your network.