W. Michael Ford, Chief Executive Officer commented:
"We are pleased to provide our financial and operational results for the first quarter of 2013. Our oil and NGL volumes now comprise 68% of the Company's combined oil and natural gas production. Increasing the ratio of oil and NGL production versus natural gas production has been a primary focus for the Company for the past two years, and we expect this trend to continue in 2013 with more Bone Spring play wells coming online."
"The Company's overall production figures were down for this quarter due in part to a key third party operated production facility in Lea County, NM being shut down for a significant portion of the quarter. This is an example of how the New Mexico Oil Conservation Division (NMOCD) website may be a misleading source for production information when used in isolation. The facility has been repaired and is now fully operational. Having the production facility operational along with the installation of a submersible pump on the Caza Ridge well should have an immediate effect on the Company's production efficiencies in this area. These efficiencies coupled with additional Bone Spring play wells coming online, should also help to increase the Company's overall production figures beginning in Q2 2013."
"Along those lines, we are also very happy to report that the completion has begun on the Lennox well, and we hope to have the well flowing back in the near future. Also, OXY's drilling of the initial Brushy Canyon well on the Roja property ahead of schedule was welcome news. We believe the Roja/Madera area is highly prospective for Brushy Canyon and Bone Spring reserves, and we look forward to participating in the drilling of OXY's second well in this area on the Madera property in the very near future. Finally, the Chaparral well, although not considered material, is a very good result and bodes well for future drilling on other Company Bone Spring prospects in Lea County."
"I am very pleased with the Company's progress in the Bone Spring play. This area has been a primary focus for the Company and has the potential to generate material value creation for our shareholders."
Copies of the Company's unaudited financial statements for the first quarter ended March 31, 2013, and the accompanying management's discussion and analysis are available on SEDAR at www.sedar.com and the Company's website at www.cazapetro.com.
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).
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", "project", "predict", "potential", "intend", "could", "might", "should", "believe", "develop", "test", "anticipation" and similar expressions. In particular, information regarding the depth, timing and location of future drilling, intended production testing and the Company's future working interests and net revenue interests in properties contained in this news release constitutes forward-looking information within the meaning of securities laws.
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