Caza upbeat on latest drilling in Texas
Friday, September 05, 2008
Caza Oil & gas reported today that drilling of the Glass Ranch B #3 well on its Glass Ranch property in Upton County, Texas, had successfully encountered hydrocarbons.
The company said that electric logs indicated multiple potential pay sands in the Wolfcamp and Spraberry formations. Following the success, the rig is being moved to an offsetting location to spud the Glass Ranch A #3 well.
Elsewhere, the company drilled a dry well at it Rosita Creek property in Duval County, Texas, but said the capital outlay for this shallow test was not material. It added that information from the well would help to further evaluate the shallow drilling potential of the area.
John McGoldrick, executive chairman of the company, commented: “The Glass Ranch B #3 is the third of four planned wells on our Glass Ranch property. We are very pleased with the results of the program thus far, and given continued success anticipate expanding our lease position throughout this trend.”
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