Caza Oil and Gas up on drill results

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."

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Shares in Caza had risen 8% by 10.21am although over the year to date the stock is down 77%.

BS