Caza Oil & Gas post positive update on New Mexico well07 June, 2012
Caza Oil & Gas has announced that it has been recommended to subject its Bone Spring well to a frack job and ensure that the asset is completed in the second bone spring sand.
The company, which largely operates in New Mexico combined with a heavy presence in Texas and Louisana, has drilled on the horizontal well to a depth of 12,690 feet including a lateral section of 4,165 feet.
Officials announced that the frack job is set to begin on June 14th following the recommendation by the project's operator Mewbourne Oil.
Caza currently holds a 20 per cent working interest in the well with a 15 per cent net revenue commitment and it is hoped that this latest development will improve the chance of the asset bearing oil and gas.
Chief executive Michael Ford said: "The well was drilled on schedule and according to plan by the operator. This was Caza's first foray into horizontal Bone Spring drilling, and we look forward to completing this well and bringing it online in the near future."<br/><br/>© Adfero Ltd