SYS-CON MEDIA Authors: Elizabeth White, Plutora Blog, Jayaram Krishnaswamy, Liz McMillan, Javier Paniza

News Feed Item

Caza Oil & Gas Announces Another Strong Result On 3rd Bone Spring Test Well at West Copperline

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."

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 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.

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

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 still a vague buzzword for many people. In his session at @ThingsExpo, Mike Kavis, Vice President & Principal Cloud Architect at Cloud Technology Partners, discussed the business value of IoT that goes far beyond the general public's perception that IoT is all about wearables and home consumer services. He also discussed how IoT is perceived by investors and how venture capitalist access this space. Other topics discussed were barriers to success, what is new, what is old, and what th...
Dale Kim is the Director of Industry Solutions at MapR. His background includes a variety of technical and management roles at information technology companies. While his experience includes work with relational databases, much of his career pertains to non-relational data in the areas of search, content management, and NoSQL, and includes senior roles in technical marketing, sales engineering, and support engineering. Dale holds an MBA from Santa Clara University, and a BA in Computer Science f...
The Internet of Things (IoT) is rapidly in the process of breaking from its heretofore relatively obscure enterprise applications (such as plant floor control and supply chain management) and going mainstream into the consumer space. More and more creative folks are interconnecting everyday products such as household items, mobile devices, appliances and cars, and unleashing new and imaginative scenarios. We are seeing a lot of excitement around applications in home automation, personal fitness,...
“The year of the cloud – we have no idea when it's really happening but we think it's happening now. For those technology providers like Zentera that are helping enterprises move to the cloud - it's been fun to watch," noted Mike Loftus, VP Product Management and Marketing at Zentera Systems, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The Industrial Internet revolution is now underway, enabled by connected machines and billions of devices that communicate and collaborate. The massive amounts of Big Data requiring real-time analysis is flooding legacy IT systems and giving way to cloud environments that can handle the unpredictable workloads. Yet many barriers remain until we can fully realize the opportunities and benefits from the convergence of machines and devices with Big Data and the cloud, including interoperability, ...
OneCloud Software has launched the OneCloud Partner Program. Responding to demand from prospective partners, the Program offers managed service providers (MSPs) and resellers the resources they need to grow their business with the OneCloud Recovery solution. OneCloud Recovery is an automated solution for disaster recovery/business continuity (DR/BC), which leverages Amazon Web Services as the disaster recovery site. “This is a tremendous opportunity with an innovative hybrid cloud-based DR pro...
"ElasticBox is an enterprise company that makes it very easy for developers and IT ops to collaborate to develop, build and deploy applications on any cloud - private, public or hybrid," stated Monish Sharma, VP of Customer Success at ElasticBox, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Cloud Technology Partners on Wednesday announced it has been recognized by the Modern Infrastructure Impact Awards as one of the Best Amazon Web Services (AWS) Consulting Partners. Selected by the editors of TechTarget's SearchDataCenter.com, and by votes from customers and strategic channel partners, the companies acknowledged by the Modern Infrastructure Impact Awards represent the top providers of cloud consulting services for AWS including application migration, application development, inf...
MapR Technologies on Tuesday announced the availability of free Hadoop On-Demand Training for developers, analysts and administrators which represents a $50M in-kind contribution* to the broad Hadoop community. The Hadoop training program is a multi-course curriculum designed to expand worldwide adoption of Hadoop technology. The curriculum provides engaging and interactive video lessons, hands-on exercises, labs and quizzes, enabling professionals to acquire valuable Hadoop skills and knowledge...
“We help people build clusters, in the classical sense of the cluster. We help people put a full stack on top of every single one of those machines. We do the full bare metal install," explained Greg Bruno, Vice President of Engineering and co-founder of StackIQ, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"Blue Box has been around for 10-11 years, and last year we launched Blue Box Cloud. We like the term 'Private Cloud as a Service' because we think that embodies what we are launching as a product - it's a managed hosted private cloud," explained Giles Frith, Vice President of Customer Operations at Blue Box, in this SYS-CON.tv interview at DevOps Summit, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
In this demo at 15th Cloud Expo, John Meza, Product Engineer at Esri, showed how Esri products hook into Hadoop cluster to allow you to do spatial analysis on the spatial data within your cluster, and he demonstrated rendering from a data center with ArcGIS Pro, a new product that has a brand new rendering engine.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Performance is the intersection of power, agility, control, and choice. If you value performance, and more specifically consistent performance, you need to look beyond simple virtualized compute. Many factors need to be considered to create a truly performant environment. In his General Session at 15th Cloud Expo, Harold Hannon, Sr. Software Architect at SoftLayer, discussed how to take advantage of a multitude of compute options and platform features to make cloud the cornerstone of your onlin...