Resource round-up: Caza Oil & Gas, Edge Resources, President Energy

US-focused Caza Oil & Gas jumped after it confirmed it had reached total vertical depth on its Forehand Ranch well on schedule. Log and core data confirmed the presence of multiple potential pay zones containing oil and liquids-rich natural gas, the firm said. The company added that a twelve stage frac at its Caza Ridge site went off successfully, and it hoped to provide post frac production results in the coming weeks. Shares rose 7.25% following the announcement.

By moneyweek

published 30 October 2012

Edge Resources also rose strongly after announcing the successful drilling, completion and equipping of two oil wells at its Grand Forks property in Alberta. The company now expects to significantly increase production at the site. The wells have already been tied-into existing pipelines and are being production-tested utilizing the company's existing facilities. Shares were up 8% on the news.

President Energy said it had completed farm-in agreements to both its Pirity and Demattei concessions in Paraguay. The agreements provide for the company to earn up to a 59% interest in the Pirity Block from Pirity Hidrocarburos and up to a 60% interest in the Demattei Block from Crescent Global Oil Paraguay. Following the completion of the farm-in agreements, Pirity Hidrocarburos will complete a subscription for 18.75m new ordinary shares of the company for a total of £3.75m.