Caza provided an update on the current status of its operations in Texas and Louisiana regarding the following projects.
Windham Wolfberry Prospect, Upton County, Texas. As announced on September 29, 2010, the Caza 158 #1 well, the initial well on the prospect, reached its target depth having encountered multiple potential pay sands in the Wolfcamp, Spraberry and Atoka formations and is on schedule to be fracture stimulated in mid-October. As at October 5, 2010, the second well on the prospect, the Caza 162 #1 well had reached a depth of 10,798 feet towards its intended target depth of 11,250 feet. Caza currently has a 25.0% working interest and a corresponding 18.75% net revenue interest in each well.
Bongo Prospect/O.B. Ranch #1 Well, Wharton County, Texas. Caza announced on August 13, 2010, that the completion procedure for the O.B Ranch #1 well would involve perforating the wellbore across multiple intervals in the Cook Mountain sandstone formation and flow-testing the well. The ensuing fracture stimulation procedure was expected to be delayed due to market conditions for fracturing equipment and crews as long as 60 days. Caza now expects to perform these operations including the fracture stimulation procedure by mid-November. Caza has a 40% working interest before completion and a 42.24% working interest after completion (approximate net revenue interest 30%) in the well.
Hite Offset Prospect/Matthys-McMillan Gas Unit #2 Well, Wharton County, Texas. As announced on August 25, 2010, the Matthys-McMillan Gas Unit #2 well was completed in the Yegua formation and subsequently fracture stimulated on August 18, 2010. Caza has now installed permanent production equipment, including a gas lift system, and gross production rates have stabilized at approximately 172 barrels of condensate per day and 440,000 cubic feet of natural gas per day. Caza has a 19.61% working interest and a 14.32% net revenue interest in the well.
Arran Prospect, Acadia Parish, Louisiana. As announced on July 9, 2010, preparatory activities were progressing well on the Arran prospect and Caza expected to commence drilling operations in September 2010. Several permitting procedures have taken longer than first anticipated and Caza now plans to drill the Marian Baker #1 well in November 2010, to a depth of approximately 16,000 feet.
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