Caza announced that the Glass Ranch A #1 well in Upton County, Texas has successfully encountered hydrocarbons. The well, operated by Momentum Energy Corporation of Midland Texas, reached a total depth of 10,556 feet on July 5, 2008. Electric logs indicated multiple potential pay sands in the Wolfcamp and Spraberry formations. Completion operations have commenced and a fracture stimulation is planned for the near future. Following the success, the rig is being moved to an offsetting location to spud the Glass Ranch B #1 well.
Caza currently has a 50.0% working interest and a corresponding 39.08% net revenue interest before payout of the well, which will change after payout to an estimated 47.41% working interest and an estimated 36.32% net revenue interest.
"The Glass Ranch A #1 is the first of four planned wells on this property," said Executive Chairman John McGoldrick. "This is a very encouraging start to our exploration efforts in the Wolfcamp/Spraberry play in the Permian Basin, a very active and exciting oil producing area."
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