Caza announced that the Caza 158 #1 well (the "158 well") in Upton County, Texas, operated by Devon, reached a total depth of 11,012 feet on September 17, 2010. Electric logs indicated multiple potential pay sands in the Wolfcamp, Spraberry and Atoka formations. The production casing has been set and Devon is preparing the 158 well for further completion operations. The completion procedure will include a necessary fracture stimulation program. The initial, single stage frac is scheduled for mid October and will be performed in the Atoka formation with future frac procedures planned for the Wolfcamp and Spraberry formations.
Caza also announced that following the success of the 158 well, the rig has moved onto the Caza 162 #1 well (the "162 well") location and commenced drilling. The 162 well will test the western portion of the Windham Wolfberry Prospect.
Caza currently has a 25.0% working interest and a corresponding 18.75% net revenue interest in each well.
Caza's Chief Executive Officer W. Michael Ford, said, "We are very pleased to announce that the 158 #1 is scheduled for completion. Successful future production tests on both this well and the 162 #1 well will spearhead a development program across our current lease block with the potential for approximately 16 locations on 80 acre spacing."
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