Caza Oil & Gas, Inc. provided an operational update on the Bradley 29 Prospect in Eddy County, New Mexico.
The Bradley "29" Fed Com No. 3H horizontal well has reached its total measured depth of approximately 12,690 feet, which includes a lateral open-hole section of 4,165 feet. The lateral section was drilled in the target objective 2nd Bone Spring sand. After correlating and reviewing log data, which indicates multiple shows for oil and natural gas throughout the 2nd Bone Spring lateral, Caza has elected to participate with the operator's recommendation to frac and complete the well in the 2nd Bone Spring sand. The frac job is scheduled to occur on or around June 14, 2012. Caza has a 20% working interest and a 15% net revenue interest in the Bradley "29" Fed Com No. 3H well.
The Bone Spring formation in Lea and Eddy Counties, New Mexico, contains multiple potential pay zones for oil and liquids-rich natural gas. Caza's current prospects in the horizontal Bone Spring play are Lynch, Forehand Ranch, Lennox, Copperline, Mad River, Bradley 29, Two Mesas and Quail Ridge. The Company has acquired approximately 4,000 net acres in the play to date. The recently released reserve report prepared by Netherland, Sewell & Associates, Inc. as of December 31, 2011, assigned 100 viable Bone Spring horizontal drilling locations to Caza's current leasehold position with total proved plus probable plus possible net reserves to the Company of 16.7 million barrels of oil equivalent ("MMboe") (proved plus probable net reserves of 9.1 MMboe). This did not include locations or reserves for the Bradley 29, Two Mesas or Quail Ridge properties.
W. Michael Ford, Chief Executive Officer commented: "We are very pleased with the results from the Bradley well. The well was drilled on schedule and according to plan by the operator. This was Caza's first foray into horizontal Bone Spring drilling, and we look forward to completing this well and bringing it online in the near future. We are also looking forward to beginning the initial wells at some of Caza's other Bone Spring projects. We are currently making preparations to drill Copperline, Forehand Ranch and Lennox prospects. Once these operations commence, we will inform the market accordingly."
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