11th Mar 2014 13:01
LONDON (Alliance News) - Caza Oil & Gas Inc Tuesday said it has received further strong results from its Third Bone Spring Test Well at West Copperline in New Mexico.
The petroleum and natural gas company said the 3H horizontal well reached depth of roughly 15,804 feet and was fracture stimulated on February 20, leading to steady flowback producing at a peak of 879 barrels of oil and 1,374 million cubic feet of natural gas or 1,108 barrels of oil equivalent on March 7.
The company said the well continues to clean up and because certain facilities remain in place from its 1H well, oil and natural gas from 3H are already being sold.
Caza said that the 1H and 3H wells are both very strong wells and demonstrate the significant upside provided by stacked pay sands at West Copperline and in the broader Bone Spring play.
The company also noted the presence of oil and natural gas in other regions of the 3H well than the Second and Third Bone Spring Sand Intervals.
Caza said its drilling rig was immediately moved to the 2H well and started drilling February 17 with fracture stimulation planned to begin during the second week of April.
The company currently has a 62.5% working interest in the West Copperline 29 1H, 2H and 3H wells.
Caza Oil & Gas shares were up 3.1% to 8.25 pence Tuesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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