Wilcox 116, Lynch Show Gas for Caza
Caza Oil & Gas, Inc. announced that exploration wells on its Wilcox 116 Property in Wharton County, Texas and the Lynch Property, in Lea County, New Mexico both successfully encountered gas and the Company expects to bring both wells into production following completion and tie-in to gathering systems.
Located in Wharton County, Texas, the Jonell Cerny gas unit #1 well commenced drilling on January 15, 2008 and reached a total depth of 16,510 feet on March 3, 2008. Petrophysical logs were run on March 8, 2008 and analysis of the data indicates the well encountered Wilcox Sand pay at multiple intervals from 13,500 feet to 16,400 feet. Completion operations are planned to commence around April 9, 2008 pending pipeline connection into the gathering system.
The sands targeted by this well are currently producing in Caza's nearby Matthys-McMillan well. The success of this well would establish numerous development locations on the Wilcox 116 Property. Caza is the operator of this well and drilled and earned a 29.9% working interest (which reduces to a 27.8% working interest after completion of the initial well and a corresponding 20.9% net revenue interest).
Located in Lea County, New Mexico, the Mud Slide Slim "15" Federal Com. #1 commenced drilling on January 12, 2008 and reached a total depth of 13,513 feet on March 2, 2008. Petrophysical logs were run on March 3, 2008 and analysis of the data indicates the well encountered Morrow Sand pay at multiple intervals from 13,040 feet to 13,160 feet. Completion operations are planned to commence around May 6, 2008 pending a pipeline connection into the gathering system.
Caza has earned a 40.0% working interest (31.3% net revenue interest) before payout which reduces to a 27.8% working interest (20.9% net revenue interest) after payout of the initial well in this property.
Mike Ford, Chief Executive Officer of the Company, commented: "We are delighted to be able to report positive news about these exploration wells and look forward to updating shareholders on initial flow rates when operations are completed. Successful production from these wells will create additional low-risk drilling opportunities which we believe will provide future growth in production, cash flow and shareholder value."
- Falcon Oil Declares Commercial Flow Test Results for Shenandoah Well
- Macquarie Strategists Expect Brent Oil Price to Grind Higher
- Japan Failing to Meet Corporate Demand for Clean Power: Amazon
- Pennsylvania County Joins List of Local Govts Suing Big Oil over Climate
- UK Oil Regulator Publishes New Emissions Reduction Plan
- PetroChina Posts Higher Annual Profit on Higher Production
- US, SKorea Launch Task Force to Stop Illicit Refined Oil Flows into NKorea
- McDermott Settles Reficar Dispute
- Russian Navy Enters Warship-Crowded Red Sea Amid Houthi Attacks
- USA Commercial Crude Oil Inventories Increase
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- USA Oil and Gas Job Figures Jump
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- Blockchain Demands Attention in Oil and Gas
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension