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
Smart Cities are here to stay, but for their promise to be delivered, the data they produce must not be put in new siloes. In his session at @ThingsExpo, Mathias Herberts, Co-founder and CTO of Cityzen Data, will deep dive into best practices that will ensure a successful smart city journey.
SYS-CON Events announced today that 910Telecom 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. 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 ...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
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...
Pulzze Systems was happy to participate in such a premier event and thankful to be receiving the winning investment and global network support from G-Startup Worldwide. It is an exciting time for Pulzze to showcase the effectiveness of innovative technologies and enable them to make the world smarter and better. The reputable contest is held to identify promising startups around the globe that are assured to change the world through their innovative products and disruptive technologies. There w...
Internet of @ThingsExpo, taking place November 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 Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
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...
SYS-CON Events announced today that StarNet Communications 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. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
Data is the fuel that drives the machine learning algorithmic engines and ultimately provides the business value. In his session at Cloud Expo, Ed Featherston, a director and 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.
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...
19th Cloud Expo, taking place November 1-3, 2016, 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. Meanwhile, 94% of enterpri...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, 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 opportuni...
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...