Caza Oil & Gas brings in Sojitz to Cerny well
Monday, February 18, 2008
Caza Oil & Gas has entered into a farmout agreement with Sojitz Gulf Exploration, Inc., a subsidiary of the Sojitz Corporation of Japan, on the Wilcox 116 Property in South Texas.
Sojitz has acquired a 10.00% interest in the Wilcox 116 Property. In return Sojitz will bear 13.33% of the drilling costs to casing point of the Jonell Cerny Gas Unit #1 test well, 11.43% of all costs from casing point to completion and 10.00% of all costs on the property thereafter. 'Casing point' is the point at which operations to complete the well as a producer are commenced.
The Wilcox 116 Property is located in Wharton County, Texas and the 60 day, 16500 feet Cerny Well commenced drilling on 15 January 2008. The well is targeting gas in the Deep Wilcox Sands, which are analogous to sands currently producing in Caza's nearby Matthys-McMillan Gas well.
Mike Ford, Chief Executive Officer of the Company, commented:
'In line with our strategy, during 2008 we intend to mainly focus our efforts on the Wharton West Wilcox area and this transaction consolidates our relationship with Sojitz following our recent collaboration on the successful
Matthys-McMillan Well.'
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