26th Mar 2014 12:09
LONDON (Alliance News) - Caza Oil & Gas Inc Wednesday announced strong results from the Third Bone Spring test well at its non-operated Marathon Road property in New Mexico.
The petroleum and natural gas company said the 15 PA Fed #1H horizontal well reached its intended depth of roughly 15,045 feet and was subsequently fracked on March 11.
The company said that under controlled flowback, the producing rates have remained steady, with the well producing 2,316 barrels of oil equivalent on March 21.
Caza considers the well a significant achievement as it flowed strongly from its Third Bone Spring sand interval despite being the first well on a 600 acre unit.
The company said that the log data from the well also showed the presence of oil and gas across the Brushy Canyon, Avalon and First and Second Bone Spring Sand intervals in the Well.
Caza Oil & Gas shares were up 1.6% to 8.13 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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