The US focused oil and gas firm Caza has reported increased production in the second quarter as new wells improved its extraction rates.
Caza's production increased 38% to 25,107 barrels of oil equivalent (boe) for the three-month period ended June 30th from 18,130 boe for the same period in 2011. This represents an average daily production rate increase of 77 boe per day.
Caza's revenues from oil and gas sales increased 30% to $1.094m for the three-month period compared to the $844,000 seen in 2011. Caza says the increase in revenues "was primarily due to additional wells being brought on line since the comparative period."
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At the end of June Caza had a cash balance of $4.7m compared to $8.2m at the end of March. The decrease was due primarily to the investment made to drill the "Bradley 29 Fed Com #3H" well in Eddy County, New Mexico, and operational costs incurred on the Caza Elkins 3401 and 3402 wells in Midland County, Texas.
Michael Ford, Caza's Chief Executive described the performance as "positive". The stock was up 5% in early trading.
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