27th Aug 2014 12:22
LONDON (Alliance News) - Caza Oil & Gas Inc Wednesday said producing rates at the Gramma Ridge 27-2H well in Lea County, New Mexico have steadily increased, while it has commenced drilling operations on the Lennox 32-4H well.
The Gramma Ridge Property and the Lennox Property in Lea County, New Mexico, are both operated by the company.
Cazasaid that under controlled flowback, the producing rates at the Gramma Ridge 27-2H well have steadily increased, and the well produced at a 24 hour gross rate of 870 barrels of oil equivalent, comprising of 679 barrels of oil and 1.15 million cubic feet of natural gas on August 24.
The company said facilities are already in place on the property, and both oil and natural gas will be flowing to sales in short order.
The company said it also believes the deeper Wolfcamp formation on the property is also prospective for oil and natural gas.
Caza currently has a 52.5% working interest in the Gramma Ridge 27-2H well and the property.
Caza said it has commenced drilling operations on the Lennox 32-4H well in Lea County, New Mexico, and the well is currently drilling ahead.
The company's stock was down 1.1% at 17.55 pence Wednesday early afternoon.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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