www.cazapetro.com
Based in The Woodlands, Texas, Caza Oil & Gas, Inc. is engaged in the acquisition, exploration, development and production of hydrocarbons in the Texas Gulf Coast, South Louisiana, Southeast New Mexico and the Permian Basin of West Texas regions of the United States through its subsidiary, Caza Petroleum. Caza Oil & Gas, Inc. is listing on both AIM, a market operated by London Stock Exchange plc, and the Toronto Stock Exchange.
Caza Oil & Gas reports 152 pct increase in oil and gas sale revenue for Q3
Caza Oil & Gas (LON:CAZA, TSE:CAZ) told investors that revenues from oil and gas sales increased 152 per cent for the third quarter this year compared to the same period in 2010.
Revenue for the three months to September 30 stood at $995,466 compared to $395,725 in the same period last year, said the firm, which released third quarter results today and provided an operational update.
This revenue increase was primarily due to additional wells brought on since the comparative period.
Meanwhile, Caza's production increased 66 per cent to 21,476 barrels of oil equivalent (Boe) for the three months compared to 12,949 Boe for the comparative period in 2010.
The production in the third quarter this year was 3,346 Boe higher than in the second quarter (which was 18,130 Boe), due to additional wells coming on line, said Caza.
Chief executive officer W. Michael Ford said: "Caza continued its positive operational and financial results for the third quarter of 2011."
He pointed out that the recent addition of Randy Nickerson, as vice president of exploration, would help focus Caza's strategy for growth.
"We are well funded and have a good mix of projects, which we are in the process of risking in order to plan our drilling strategy for the coming year," he said.
Operationally in Q3, the firm said work was continuing on the Caza McMillan No. 1 well in Wharton County, Texas, to test the Yegua 9,650 sand and the firm would update the market accordingly upon completion of the well.
At the San Jacinto property in Midland County, Texas, the Caza Elkins 3401 and 3402 wells have been fracture stimulated and are producing across multiple pay intervals.
The 3402 well is scheduled to be fracture stimulated in the Spraberry interval next month, which should bolster the producing rates associated with this well, said the firm.
"Caza has five additional proven undeveloped locations to drill on the San Jacinto property. The next two wells on this property were planned for the fourth quarter of 2011, however, the scheduling of these wells may be subject to change in the context of a more comprehensive drill plan for 2012," it said.
