Caza O&G provided an update on the Matthys-McMillan Gas Unit #2 development well located in Wharton County, Texas.
As previously reported, bothlog and seismic data indicated that the Yegua interval could be productive in the Well. Consequently, Caza sought and received approval from its partners to perforate at a depth of approximately 9,478 feet in the Yegua sands.
Caza completed the well in the Yegua formation and subsequently performed a fracture stimulation on August 18, 2010. Since completion of the frac, the Well has been producing a gross average of 146 barrels of condensate per day and 1.1 million cubic feet of natural gas per day. Caza plans to install permanent production equipment, including a gas lift system that may increase current production levels once installed. Caza has a 19.61% working interest and a 14.32% net revenue interest in the Well.
Mike Ford, Chief Executive Officer of the Company, commented, "We are pleased to have positive production news on the Matthys-McMillan #2 well. The results highlight the potential for production from multiple sands in the area, which reduces our exploration risk and may provide further exploration and development opportunities on our leases. We are working towards placing the well on full production in the near future."
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