Caza provided an operational update on the O.B. Ranch #1 exploratory well on the Bongo Prospect in Wharton County, Texas.
As previously announced, Caza began the completion procedure on the O.B. Ranch #1 well on November 13, 2010. The well was perforated in the Cook Mountain formation between 12,494 feet and 12,826 feet across selective intervals and fracture stimulated on November 15, 2010. Fracture fluid is still being recovered, but initial production rates on a 10/64ths choke at 6,788 pounds per square inch flowing tubing pressure are 2.65 million cubic feet of natural gas per day and 311 barrels of oil per day. Caza currently has a 43.28% working interest and an approximate 32.03% net revenue interest in the well.
W. Michael Ford, Chief Executive Officer commented, "We are very pleased with the initial production results on the O.B. Ranch #1 well and have plans to develop the Bongo Prospect in due course beginning in 2011."
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