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Caza Oil & Gas reports strong results from Gramma Ridge well

HOUSTON -- Caza Oil & Gas has reported another excellent result for the company' s Bone Spring program with the initial test well on its Gramma Ridge Property in Lea County, New Mexico, and provided an update on drilling activity at its West Copperline, Forehand Ranch and Jazzmaster properties.

The Gramma Ridge 27 State #1H horizontal Bone Spring test well (the 27-1H well) reached the intended total measured depth of approximately 15,496 ft in the 3rd Bone Spring Sand interval and was subsequently fracture stimulated beginning on May 13, 2014. Under controlled flowback the producing rates have steadily increased, and the well produced at a peak 24 hour gross rate of 830 bbls of oil and 4.63 Mcf of natural gas, which equates to 1,602 boe, on May 27, 2014. The well was producing on a 24/64ths adjustable choke at 2,390 pounds per square inch flowing casing pressure. Oil is already being sold, and the company expects to have natural gas flowing to sales in the near future.

In addition to production from the 3rd Bone Spring Sand interval, log data was obtained across the Brushy Canyon, Avalon and 1st and 2nd Bone Spring Sand intervals in the 27-1H well. The data indicates the presence of oil and natural gas across each of these intervals, which is favorable for future development on this 320 acre lease. Management believes the deeper Wolfcamp formation on the property is also prospective for oil and natural gas.

Caza currently has a 52.5% working interest (approximate 40.82% net revenue interest) in the Gramma Ridge 27-1H well and the property.

Caza is currently drilling ahead of schedule on the West Copperline 29 #4H horizontal Bone Spring well in Lea County, New Mexico, and should reach total measured depth within the 3rd Bone Spring Sand interval in approximately ten days. This well is a direct offset to the company' s producing West Copperline 29 #3H 3rd Bone Spring well and is anticipated to deliver similar results. The frac for this well is currently scheduled to begin on or around June 30, 2014. Once released, the company plans to move the rig back to the Gramma Ridge property in order to commence drilling operations on the direct offset location to the 27-1H well.

Caza currently has a 62.5% working interest (approximate 47.25% net revenue interest) in the West Copperline 29 #4H well.

The company has begun a shallow pool Cherry Canyon development program at its Forehand Ranch property in Eddy County, New Mexico. The Cherry Canyon is a shallow oil interval in the Delaware Formation at approximately 4,000 ft vertical depth. Caza recently commenced drilling operations on the Forehand Ranch 22 State #1 vertical well and plans to initially drill three vertical wells in succession using the same rig.

Caza currently has a 63% working interest (approximate 47.25% net revenue interest) in the Forehand Ranch 22 State #1 well.

The non-operated Jazzmaster 17 State #3H horizontal Bone Spring well in Lea County, New Mexico, has reached its intended total measured depth of 15,315 ft in the 2nd Bone Spring Sand interval and is scheduled to be fracture stimulated in the near future. This well is a direct offset to the Jazzmaster 17 State #4H well.

Log data was also obtained across the Brushy Canyon, Avalon and 1st and 3rd Bone Spring Sand intervals. The data indicates the presence of oil and natural gas across each of these intervals, which is favorable for the future development of the property.

Caza has a 25.0% working interest (approximately 19.94% net revenue interest) in the Jazzmaster 17 State #3H and #4H wells and the balance of the property, which is approximately 480 acres.

05/30/2014

 

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