Caza Oil & Gas makes discovery at Glass Ranch property
Thursday, July 10, 2008
US oil and gas group Caza reported today that the Glass Ranch A #1 well in Upton County, Texas had successfully encountered hydrocarbons.
The well, operated by Momentum Energy Corporation of Midland Texas, reached a total depth of 10,556 feet on July 5. Electric logs indicated multiple potential pay sands in the Wolfcamp and Spraberry formations. Completion operations have commenced and a fracture stimulation is planned for the near future.
Following the success, the rig is being moved to an offsetting location to spud the Glass Ranch B #1 well.
Caza currently has a 50.0% working interest and a corresponding 39.08% net revenue interest before payout of the well. That will change after payout to an estimated 47.41% working interest and an estimated 36.32% net revenue interest.
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