HOUSTON, TEXAS, Mar 02 (MARKET WIRE) —
Caza Oil & Gas, Inc. (”Caza” or the “Company”) (TSX: CAZ)(AIM: CAZA) is
pleased to announce that it has contracted Patterson-UTI Energy Inc. to
drill the Matthys-McMillan Gas Unit #2 development well located in the
Wharton West Wilcox Field. The well is planned to be drilled to a total
depth of 15,200 feet and is a direct offset to Caza’s Matthys-McMillan
Gas Unit #1 well. Drilling operations were commenced on Thursday,
February 25, 2010. The well is expected to take 60 days to drill and an
additional 30 days to complete.
Caza is the operator of this well and has a 19.61% working interest and a
corresponding 14.32% net revenue interest.
Mike Ford, Chief Executive Officer of the Company, commented:
“The Matthys-McMillan Gas Unit #2 is the second operated well in this
field for Caza. Caza also recently participated with Forest Oil
Corporation in the successful drilling and completion of the Dorothy Hite
Gas Unit #3 well. The performance of the first two wells and recent
improvements to natural gas prices have caused Caza to accelerate the
drilling of this well, which is in line with the recent refocus on our
activities in Texas and Louisiana.”
In accordance with AIM Rules – Guidance Note for Mining, Oil and Gas
Companies, the information contained in this announcement has been
reviewed and approved by Anthony B. Sam, Vice President, Operations of
Caza who is a Petroleum Engineer and a member of The Society of Petroleum
Engineers.
ADVISORY REGARDING FORWARD LOOKING STATEMENTS
Information in this news release that is not current or historical
factual information may constitute forward-looking statements within the
meaning of securities laws. Such information is often, but not always,
identified by the use of words such as “seek”, “anticipate”, “plan”,
“continue”, “estimate”, “expect”, “may”, “will”, “project”, “predict”,
“potential”, “targeting”, “intend”, “could”, “might”, “should”, “believe”
and similar expressions. Information regarding the Matthys-McMillan Gas
Unit #1, Matthys-McMillan Gas Unit #2 development well, Forest-Dorothy
Hite Gas Unit #3 development well, Wharton West Wilcox Field and/or
future exploration and drilling activities contained in this news release
constitutes forward-looking information within the meaning of securities
laws.
Implicit in this information, particularly in respect of wells,
production, flow rates and test rates are assumptions regarding projected
revenue and expenses. Specifically, the Company has assumed that these
wells will produce positive results. These assumptions, although
considered reasonable by the Company at the time of preparation, may
prove to be incorrect. Readers are cautioned that actual future operating
results and economic performance of the Company are subject to a number
of risks and uncertainties, including general mechanical, economic,
market and business conditions and could differ materially from what is
currently expected as set out above. Future flow rates from wells may
vary, perhaps materially, and the wells in question may prove to be
technically or economically unviable. Any future flow rates will be
subject to the risks and uncertainties set out herein.
For more exhaustive information on these risks and uncertainties you
should refer to the Company’s most recently filed annual information form
which is available at www.sedar.com. You should not place undue
importance on forward-looking information and should not rely upon this
information as of any other date. While we may elect to, we are under no
obligation and do not undertake to update this information at any
particular time, except as required by applicable securities laws.
The Toronto Stock Exchange has neither approved nor disapproved the
information contained herein.
Contacts:
Caza Oil & Gas, Inc.
John McGoldrick
+1 281 363 4442
Caza Oil & Gas, Inc.
Michael Ford
CEO
+1 432 682 7424
Westhouse Securities Limited
Tim Feather/Richard Baty
+44 (0)20 7601 6100
Copyright 2010, Market Wire, All rights reserved.
