Caza Oil & Gas
Caza Oil & Gas jumps 58% on positive drill results in Texas
A good day for investors in Caza Oil and Gas, and the dual listed oil and gas exploration and production company announced positive drilling results from the Wilcox 116 Property in Wharton County, Texas and on the Lynch Property in Lea County, New Mexico.
London and Toronto listed Caza rose 58% after announcing that logs from the Jonell Cerny gas unit #1 well on the Wilcox 116 Property indicated that it had crossed multiple intervals in the Wilson Sands between 13,500 feet and 16,400 feet. Caza Oil and Gas is already producing from the Wilson Sands on the nearby Matthys-McMillan well, and said that success on the current well would open up multiple development locations. Caza has a 29.9% working interest and is operator.
The positive developments didn't stop there either, with a further appraisal well at Lea County, New Mexico indicating that the Morrow Sands were encountered with pay at multiple intervals between 13,040 feet and 13,160 feet. Completion operations and connection to a gathering system are expected to commence in early May. Caza has a 40% working interest which reduces to 27.8% working interest once payout of the initial well is complete.
Mike Ford, CEO of Caza Oil and Gas said:
"We are delighted to be able to report positive news about these exploration wells and look forward to updating shareholders on initial flow rates when operations are completed."
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