Caza Oil & Gas contracted Patterson-UTI Energy Inc. to drill the Matthys-McMillan Gas Unit #2 development well located in the Wharton West Wilcox Field. The well is planned to be drilled to a total depth of 15,200 feet and is a direct offset to Caza's Matthys-McMillan Gas Unit #1 well. Drilling operations were commenced on Thursday, February 25, 2010. The well is expected to take 60 days to drill and an additional 30 days to complete.
Caza is the operator of this well and has a 19.61% working interest and a corresponding 14.32% net revenue interest.
Mike Ford, Chief Executive Officer of the Company, commented, "The Matthys-McMillan Gas Unit #2 is the second operated well in this field for Caza. Caza also recently participated with Forest Oil Corporation in the successful drilling and completion of the Dorothy Hite Gas Unit #3 well. The performance of the first two wells and recent improvements to natural gas prices have caused Caza to accelerate the drilling of this well, which is in line with the recent refocus on our activities in Texas and Louisiana."
In accordance with AIM Rules - Guidance Note for Mining, Oil and Gas Companies, the information contained in this announcement has been reviewed and approved by Anthony B. Sam, Vice President, Operations of Caza who is a Petroleum Engineer and a member of The Society of Petroleum Engineers.
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