viewCaza Oil & Gas, Inc

Caza Oil & Gas reports drilling success from Matthys-McMillan well, testing underway


Caza Oil & Gas (TSX: CAZ, AIM: CAZA) has drilled the Matthys-McMillan Gas Unit #2 development well in the Wharton West Wilcox Field in Texas to a total depth of 15,000 ft (feet), encountering multiple gas bearing sands, with testing and completion already underway.

The testing of the well and its completion as a gas producer are expected to wrap up in 30 days. Caza said that the information gathered from the testing program planned for the well will be useful in its continued evaluation of both the Wharton West Wilcox Field and its Bongo prospect 1.5 miles south.

The results from the well are in line with expectations and we look forward to placing this well on production in the near future,” said chief executive of Caza Oil & Gas Mike Ford.

Matthys-McMillan Gas Unit #2 is the second operated well in the field for Caza, which holds a 19.61% working interest and a corresponding 14.32% net revenue interest.

The field produced 4 Bcf (billion cubic feet) and 1.5 MMbbls (million barrels) of condensate from the Wilcox sands from its discovery in 2001 up to May 2007. The Matthys McMIllan well intersected three pay intervals between 14,500 ft (feet) and 16,550 ft. The 2P reserves for the field stand at 29.2 Bcf.

Caza Oil & Gas reported a 28% increase in production for full year 2009.

Endeavour International (NYSE-AMEX: END, LSE: ENDV) has the right to farm into Caza’s prospects by paying 100% of Caza’s first well on each prospect in exchange for 75% of Caza’s initial working interest, which currently amounts to 12.5% through to commercial production on each of the aforementioned four wells.

Shares in the company rallied more than 10% on the news.

Quick facts: Caza Oil & Gas, Inc


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