Devon Commences Drilling at Wolfberry Prospect
Caza O&G announced that scheduled drilling has commenced on the initial test well at the Windham (Wolfberry) prospect in Upton County, Texas. Caza's partner and the operator on this project, Devon, commenced drilling of the Caza 158 #1 test well this week.
The Well is designed to drill to approximately 11,500 feet to test the Spraberry and Wolfcamp (Wolfberry) formations and should take approximately 35 days to drill. The prospect covers approximately 1,318 net acres and, given success, could initially be developed on 80 acre spacing units.
As previously announced, Devon can earn 75% of Caza's 100% participation interest in the Well under the exploration agreement between the parties. After completion of the Well, Devon will have the right to participate for its 75% interest in all operations associated with the property, and Caza will participate for its remaining 25% interest.
W. Michael Ford, Caza's Chief Executive Officer commented, "We are very pleased to announce the commencement of drilling operations for the initial well on the Windham prospect. This is an oil project with good upside potential for Caza. We are also delighted to have an experienced operator in Devon leading the project."
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