Caza reported that drilling has commenced on the Company's Bongo Prospect in Wharton County, Texas. The O.B. Ranch #1 well commenced drilling on June 19, 2010, and is the initial test well on Bongo.
Bongo is a significant, 3-D seismically defined, three-way closure in the Wilcox formation. The O.B. Ranch #1 well is designed to drill to a total depth of approximately 16,000 feet and is expected to encounter multiple, potential, hydrocarbon bearing reservoir sections. It is expected to take approximately 60 days to reach the proposed total depth.
As previously announced, Caza successfully farmed out a portion of its 65% participation interest in Bongo to Verus Investments Limited and Singular Oil & Gas, Inc. Caza retained a 40% working interest in the O.B. Ranch #1 well (approximate net revenue interest 30%).
W. Michael Ford, Chief Executive Officer commented, "We are very pleased to announce the commencement of drilling operations on the O.B. Ranch #1 well on our Bongo Prospect. Bongo has high-impact potential for Caza and is in line with our refocus toward exploration activities in Texas and Louisiana."
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