Caza Posts YOY Financial, Production Decreases, Cuts Costs

Following financial and production decreases in the third quarter of 2015, compared to the same period last year, Caza Oil & Gas has announced that it is scaling back costs.

The company’s revenues fell 72 percent in the quarter, year on year, to $1.99 million and its adjusted EBITDA dropped 44 percent, compared to 3Q 2014, to $2.51 million. Caza’s average net production volumes decreased 51 percent year on year to 594 barrels of oil equivalent per day, compared to 1,210 boepd in 3Q 2014.

In an effort to continue as a going concern, the company has stated it is continuing to scale back general and administration costs and capital expenditures associated with non-obligatory wells. Caza also revealed that it aims to direct capital towards lease maintenance wells in its Bone Spring drilling program and stated that it is in advanced discussions with a “third party” regarding potential equity financing.

A company statement in Caza’s 3Q results said:

“Subject to the availability of appropriate financing and dependent upon drilling costs and prevailing commodity prices, the company's objective is to eventually accelerate and expand its drilling program in the Bone Spring play over the next two years. A program of this type will require additional financing and would utilize excess operational cash flow to fund further development drilling and lease purchases beyond the initial two year period.”

Have a news tip? Share it with Rigzone!


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.


Our Privacy Pledge

More from this Author
Rigzone Staff
e-mail us at
 -  Seadrill CEO Praises Workforce (May 24)
 -  Serinus Shuts-In Sabria Field Due to S... (May 23)
 -  Proserv Secures Series of Services Dea... (May 23)
 -  BP Urges Engineers to Apply for Trinid... (May 23)
 -  CGG to Support Oman Industry Workers t... (May 23)

Most Popular Articles

From the Career Center
Jobs that may interest you
Senior Proposals Specialist
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
Principal Consultant
Expertise: Business Development
Location: Houston, TX
Accounts Payable Specialist Job
Expertise: Accounting
Location: Henderson, CO
search for more jobs

Brent Crude Oil : $53.96/BBL 0.35%
Light Crude Oil : $51.36/BBL 0.21%
Natural Gas : $3.209/MMBtu 0.34%
Updated in last 24 hours