Caza upbeat on latest successful well in Texas
Monday, August 04, 2008
Caza Oil & Gas has reported that the second well of a four well programme at its Glass Ranch prospect in Upton County, Texas, has successfully encountered hydrocarbons.
The Glass Ranch B #1 well, operated by Momentum Energy Corporation of Midland Texas, reached a total depth of 10,404 feet last week. Electric logs indicated multiple potential pay sands in the Wolfcamp and Spraberry formations. Caza said completion operations had now started 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 #3 well.
Caza currently has a 50.0% working interest and a corresponding 38.54% net revenue interest before payout of the well, which will change after payout to an estimated 47.41% working interest and an estimated 35.78% net revenue interest.
Since the company’s shares were admitted to trading on AIM and TSX in December 2007, Caza has drilled seven wells of which six encountered hydrocarbons.
John McGoldrick, Caza’s executive chairman, noted: “In addition to our successful 2008 first half drilling programme, we were delighted in June to receive strong institutional support for a further fund raising of £11.5 million which enables us to fully execute our planned 2008 drilling programme.”
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