Caza Oil and Gas, the Houston-based exploration company, says re-entry operations at its Caza McMillan #1 Well have been successful.
Fracturing resulted in an initial production rate of 1.375 million cubic feet of natural gas, and 57 barrels of oil per day.
W. Michael Ford, chief executive of Caza commented: "This new well is producing at expected levels and will quickly add to our current cash flow and production levels."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Shares in Caza had risen 8% by 10.21am although over the year to date the stock is down 77%.
BS
-
Renewable investing: who is paying for the green revolution?Investors in renewables have not been rewarded, says Bruce Packard. Will they fund the government’s plans?
-
UK house prices rose 4.6% last year – where did property prices grow most?House prices increased by 4.6% in 2024, giving an average property price of £268,000. Where did property prices grow the most and will they continue to rise this year?
