Caza Oil & Gas has reported that the Caza Ridge 14 State No. 3H horizontal well has reached a total depth of around 11,750 feet and both samples data have been obtained.
Based on analysis of this data, Caza and its partners are about to being drilling the horizontal section of the well through the primary objective, which is scheduled to reach a total depth of around 15,780 ft.
Drilling revealed good mud log shows for oil and natural gas, all of which will be considered for further evaluation.
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The firm has farmed out an additional 9.375% interest since the spud announcement on August 16th and now has a 45% working interest (35.213% net revenue interest) before payout and a 58.75% working interest (45.972% net revenue interest) after payout in the Caza Ridge 14 State No. 3H well.
Chief Executive Officer W. Michael Ford said: "We are very pleased with the current results of the Caza Ridge well. The information acquired is positive for this well and for our Bone Spring drilling program in general. The Permian Basin is known for stacked pay zones, and log and core data from the well have confirmed the presence of multiple potential pay zones containing oil and liquids-rich natural gas.
"We look forward to completing the horizontal section of the well and scheduling a frac job in order to complete the well and bring it on line in the near future. We also expect to commence drilling operations on our Forehand Ranch Bone Spring prospect on or before October 1, 2012, and will update the market accordingly."
The share price rose 5.66% to 7p by 13:10.
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