Caza has a 0.25% working interest (0.1875% net revenue interest) in the Quail "16" State Nos. 4H and 6H wells.
Company Bone Spring Prospects, Lea and Eddy Counties, New Mexico. The Bone Spring formation in Lea and Eddy Counties, New Mexico, contains multiple potential pay zones for oil and liquids-rich natural gas. Caza's current prospects in the horizontal Bone Spring play are Lynch, Forehand Ranch, Forehand Ranch South, Lennox, Copperline, Mad River, Azotea Mesa, Bradley 29, Two Mesas, Quail Ridge, Rover, West Rover, West Copperline, Madera and Roja. The Company has acquired approximately 4,070 net acres in the play to date. Leasing and drilling activity continues to increase in the play and initial producing well rates continue to improve with technological advances in drilling and frac designs. The Company is well positioned in the play, and continues to exploit opportunities to build on its current acreage position.
W. Michael Ford, Chief Executive Officer commented:
"We continue to progress our Bone Spring drilling program in southeast New Mexico, and are very pleased to have commenced drilling operations on the Lennox horizontal Bone Spring prospect. This is the Company's third operated Bone Spring test well with a material participation interest since August 2012. We are equally pleased to have closed the working interest trade for interests in Madera and Roja prospects. These are very good projects, and we look forward to participating in test wells to be drilled on them along with a development well at Copperline later this year."
"Additionally, the Quail Ridge wells continue to produce good results and provide valuable drilling and completion information. This bodes well for future drilling operations on our Lynch property, located in the adjacent section, as well as the Company's other horizontal Bone Spring projects."
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.: Texas and Louisiana Gulf Coast (on-shore), and the Permian Basin (West Texas and Southeast New Mexico).
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.
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", "hope", "project", "predict", "potential", "intend", "could", "might", "should", "believe", "develop", "test", "anticipation", "looks to be" and similar expressions. In particular, anticipated working interests and net revenue interests, information regarding the depth and timing of drilling operations, intended completion operations and the anticipated commencement of production 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 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. Testing of the wells described in this press release has not been completed, 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.
Information in this news release regarding areas in the Bone Spring Formation in which the Company does not have an interest may not have been prepared by a qualified reserves evaluator or auditor in accordance with the Canadian Oil & Gas Evaluators Handbook. Such information relates to areas which are proximate to areas in which the Company has or intends to acquire an interest and has been provided so that readers may better understand oil and gas activities in areas in which the Company operates or plans to operate. There is no warranty, express or implied, that the results of the Company will be consistent with such information. The Company's results may differ materially and readers should not assume the Company's results will be consistent with those of other operators or use such information for any purpose other than as specified herein.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
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
+44 20 7397 8900 (London)
Cenkos Securities plc
+44 131 220 6939 (Edinburgh)
VSA Capital Limited
+44 20 3005 5004
VSA Capital Limited
+44 20 3005 5012
Patrick d'Ancona / Chris McMahon
+44 20 7920 2330
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