14 Oct 2010 07:00
October 14, 2010
Caza Oil & Gas Inc.
("Caza" or the "Company")
Operations Update
Windham Wolfberry Prospect
Highlights:
·; Caza 162 #1 well reaches total depth of 11,287 feet
·; Electric logs indicate potential pay zones
·; Completion process commenced on Caza 158 #1 well
Houston, Texas (October 13, 2010) Caza (AIM: CAZA; TSX: CAZ) is pleased to announce that the Caza 162 #1 well (the "162 well") in Upton County, Texas, reached a total depth of 11,287 feet on October 11, 2010. Electric logs indicate potential pay zones in the Clearfork, Spraberry, Wolfcamp and Atoka formations. Production casing has been set, and the operator is preparing the 162 well for fracture stimulation.
Caza is also pleased to announce that the completion process has commenced on the Caza 158 #1 well, which was fracture stimulated in the Atoka formation at a depth of approximately 11,000 feet on October 11, 2010. Caza will issue an update once the fracture fluid is recovered and test rates are established.
Caza has a 25.0% non-operated working interest and a corresponding 18.75% net revenue interest in each well.
Caza's Chief Executive Officer W. Michael Ford, said, "We are very pleased to announce that both wells are moving forward towards completion. The flow rates seen after fracture stimulation will determine the way forward."
For further information please contact:
| Michael Ford, CEO, Caza Oil & Gas, Inc. John McGoldrick, Chairman, Caza Oil & Gas, Inc. Tim Feather/Richard Baty, Westhouse Securities Limited Jonathan Charles/Ed Portman, Conduit PR | +1 432 682 7424 +18325731914/+447796861892 +44 (0)20 7601 6100 +44 (0)20 7429 6611 |
About Caza
Caza is engaged in the acquisition, exploration, development and production of hydrocarbons in the Texas Gulf Coast (onshore), south Louisiana, southeast New Mexico and the Permian Basin of West Texas regions through its subsidiary, Caza Petroleum, Inc. For additional information on Caza, visit www.cazapetro.com.
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
In accordance with AIM Rules - Guidance Note for Mining, Oil and Gas Companies, the information contained in this announcement has been reviewed and approved by Anthony B. Sam, Vice President Operations of Caza who is a Petroleum Engineer and a member of The Society of Petroleum Engineers.
ADVISORY REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Such information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "schedule", "continue", "estimate", "expect", "may", "will", "project", "predict", "upside", "potential", "targeting", "intend", "could", "might", "should", "believe", "if successful" and similar expressions. Information regarding the operations to be conducted on the Windham Wolfberry Prospect and/or the Caza 158 #1 well or the 162 well contained in this news release constitutes forward-looking information within the meaning of securities laws.
Implicit in this information are assumptions regarding: the timing of drilling operations, the performance of the operator's obligations under the joint exploration agreement governing the prospect area associated with the Caza 158 #1 well and 162 well, and its elections in connection therewith, projected revenue and expenses and well performance. Specifically, the Company has assumed that these agreements, prospects and/or activities will produce positive drilling results. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operating results and economic performance of the Company are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected as set out above.
For more exhaustive information on these risks and uncertainties you should refer to the Company's most recently filed annual information form which is available at www.sedar.com. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as may be required by securities laws.