Caza Oil & Gas

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Caza Oil & Gas Inc.
Caza-logo.gif
IndustryOil and Gas Producers
Trades asLSE:CAZA
PLUS:CAZA.GB
TSE:CAZ
USOTC:CAZFF
Websitewww.cazapetro.com
CAZA stock chart

Caza is engaged in the acquisition, exploration, development and production of hydrocarbons in the Texas Gulf Coast (on-shore), south Louisiana, southeast New Mexico and the Permian Basin of West Texas regions of the United States of America through its subsidiary, Caza Petroleum, Inc.[1]

Contents

Investor Information

Number of Shares in circulation

Caza Oil and Gas has 164.477 million shares.

Major Shareholders

Number of Shares %

Of the total number of shares in circulation, 16.8% were not in public hands.

Directors and Officers

Finance

Reports & Accounts

Broker Notes

Partners Brokerage Notes

Presentations

Presentations from partners

Projects

Caza Oil & Gas have seven properties which are the Hite Offset,Wilcox 116,Bongo,Soledad Creek, Las Animas prospect located in the Tesxas Gulf Coast region,the Thunder Stud and the Alligator properties located in south Louisiana.

Arran

Arran prospect is located in Acadia Parish, Louisiana.The Marian Baker #1 well commenced drilling on Sunday, January 16, 2011, and is the initial test well on Arran. Arran prospect will become a company marker according to John McGoldrick. Arran prosepect is a large scale hanging wall fold with nearly 2,000 acres in fault dependent clousure. It also has 400 acre faulted four-way closure. Arran has lot of potential according to a well defined 3D seismically which is supported by AVO data within a proven play fairway. The Marian Baker #1 well is designed to drill to a total depth of approximately 16,000 feet and is expected to encounter multiple, potential, hydrocarbon bearing reservoir sections.[2]According to one of Caza farm in partners the Arran prospect was asssed by a independent consultants ISIS Petroleum to have a 35% probability of success.

A 16,000 ft exploration test was under way , a test well was drilled through the oligocnee target sands between 14,000ft and 16,000ft where they expected to encounter reservoir pressure under of 11,000 psi.However on 22nd of March based on log data,they determined that none of the sands are likely to be productive at commercial rates, the Company sought approval from its partners in the Well to proceed with plug and abandonment procedures.

Drill Status

Start date : 12/01/2010 16000ft

Updates to Sonlite are made every Monday after 5pm

Caza is the main operator of the well and has a number of partners which have following stake in the prospect.

Caza has a working interest of 25% before the casing point in the Marian Baker #1 well with a 35.94% working interest after the casing point and a net revenue interest of 26.24% The other partners call this prospect Amazon .

The Arran (Amazon) prospect is a fault dependent anticline with the major faults located down flank from an anticlinal crest with minor faulting. The mapping at the Top Reservoir Horizon shows time and depth closure. It is 12.4 sq km in area and has 120m of relief.[3]

The primary reservoir for the Amazon Prospect is the Oligocene Sandstone that is currently producing from the adjacent fields. Secondary reservoirs are likely to occur in the Camerina Sands as seen in another adjacent field.


Near by Fields

Oligocene

The Oligocene epoch was a period of geologic time 38-24 million years ago.Oligocene was short span of time and appearance of elephants with trunks,early horses and plants occurred which have produce vast tracts of grassland. (the Miocene) The term Oligocene is derived from Greek and means the “epoch of few recent forms,” referring to the sparseness of the number of modern animals that originated during that time.[4]

Frio Formation

The Frio Formation is one of the major Tertiary progradational wedges of the Texas Gulf coastal plain[5].During the Oligocene, massive sediment influx from sources in Mexico and the southwestern United States occurred as a result of uplift and erosion that started in Mexico and was followed by uplift and erosion along the western margin of the Gulf basin itself[6].Explosive volcanism and caldera formation along the Sierra Madre Occidental combined with the uplift to create a massive influx of recycled sedimentary rocks, volcaniclastics, and reworked ash into the western and central Gulf of Mexico[7].

Acorrding to USGS the sand rich fluvio-deltaic Oligocene Frio Formation is a mature to supermature exploration trend which has been one of the hydrocarbon producers from Plaegene starta in the Gulf of Mexico basin.

Anahuanc Formation

Anahuanc Formation is a tarsngressive marine shale shale having deltaic, shoreface, and slope sandstones in addition to carbonate sediments.The Anahuac onlaps the regressive Frio Formation in downdip areas, and it is overlain by the progradational sandstones of the lower Miocene (Galloway et al., 1982, 1991). Anahuac Formation strata of southwestern Louisiana and Texas are nearly identical, consisting of light- to dark- greenish gray calcareous shale interbedded with thin beds of locally calcareous sandstone and locally thin limestones (John et al., 1992a). Anahuac sediments are more calcareous from west to east (John et al., 1992a). Carbonates are found where clastic influx was minimal, in the eastern Gulf of Mexico (Galloway et al., 2000).

In a recent U.S. Geological Survey assessment of undiscovered, technically recoverable oil and gas resources in Tertiary strata of onshore lands and State waters, estimated total mean values of undiscovered resources for the Frio and Anahuac Formations were 172 million barrels of oil (MMBO),9384 billion cubic feet of natural gas (BCFG), and 542 million barrels of natural gas liquids(MMBNGL).[8]

Bongo Property

Bongo Property The Bongo property is located approximately 2.2 miles to the south of the Hite Offset property. Caza Petroleum holds approximately 3,872 gross acres (2,513 net acres) and a 65% working interest (45.9% Net Revenue Interest) in this property. The NSAI report has assigned possible net reserves of 11.1 Bcfe to Caza Petroleum’s interest in the property.[9]

Caza announced on 2nd of June 2010 that it had farmed out part of its 65% working interest in the Bongo Prospect to two partners, Australian-based investment company Verus Ltd & Singular Oil & Gas.

Bongo Drilling started on the 19th June 2010 and 16,000 TD was drilled within 60 days set out by CAZA.Caza successfully farmed out a portion of its 65% participation interest in Bongo to Verus Investments Limited and Singular Oil & Gas, Inc. Caza retained a 40% working interest in the O.B. Ranch #1 well (approximate net revenue interest 30%).[10]

The Well reached total depth of 16,280 feet on August 10, 2010 having encountered Yegua, Cook Mountain and Wilcox sands. Caza earlier announced on July 27, 2010, preliminary drilling and log data had indicated hydrocarbon-bearing sands in a shallower horizon of the Well.

Bongo Prospect in Wharton County, Texas was placed on production on 13 December 2010.Initial production rates through the permanent facilities are approximately 2.48 million cubic feet of natural gas per day, 400 barrels of oil per day and 190 barrels of water per day in total. The well is producing on a 9/64th choke at 6,100 pounds per square inch flowing tubing pressure and still has approximately 750 barrels of fracture fluid to recover. The production rates are being closely monitored, and Caza will provide an update once the rates and flowing tubing pressure have stabilised.[11]

Las Animas Prospect

The Las Animas prospect is located in Duval County, Texas. Caza Petroleum has leasehold interests in approximately 5,984 gross acres (3,265 net acres) in the prospect area made up of gross working interests ranging from 100% to 28% (with corresponding gross Net Revenue Interests of 80% to 75%) in various tracts which, in conjunction with various agreements, results in a weighted average 42.8% working interest (30.0% Net Revenue Interest) in this prospect.

NSAI has assigned best estimate net prospective resources of 41.4 Bcf of natural gas to Caza Petroleum’s interest in this prospect from a previous NSAI report dated June 30, 2007. See “Crude Oil and Natural Gas Reserves – Additional Information Relating to Oil and Gas Activities - Properties with No Attributed Reserves”.

The prospect targets two upthrown threeway high side closures in the Upper Wilcox Duval Complex. One is estimated to be 5,000 acres at the primary objective Upper Wilcox sand interval and the other is estimated to be 1,500 acres, both at depths of 14,000 to 18,000 feet.

Windham Wolfberry Prospect

On 20 May 2010 Caza Oil & Gas signed an exploration agreement with Devon Energy to jointly test and develop Windham Wolfberry prospect.

Devon Energy began drilling Windham Wolfberry prospect(158 #1 well) on the 3rd of September 2010.The total depth of the well was approximately 11,500 feet to test the Spraberry and Wolfcamp (Wolfberry) formations.Devon Energy said it would take 35 days to drill.

Devon Energy reached a total depth of 11,012 on 17th of September 17 2010.Multiple potential pay sands were encountered in the Wolfcamp, Spraberry and Atoka formations.Devon Energy announced production casing has been set and Now they were preparing the 158 well for completion operations. Devon Energy said they wanted to initially perform a single stage frac which would happen on the Atoka formation. With future frac procedures planned for the Wolfcamp and Spraberry formations.

A second well on the prospect also (Caza 162 #1 well) reached a depth of 11,287 on October 11.Logs indicated potential pay zones in Clearfork, Spraberry, Wolfcamp and Atoka formations.Production casing has been set, and the operator is preparing the 162 well for fracture stimulation. Caza will issue an update once the fracture fluid is recovered and test rates are established.

Caza announced on 28th of January 2011 that development drilling has commenced on the Windham prospect.The 158 #2 will be drilled to a depth of 11,100 to test the Spraberry, Wolfcamp, Penn and Atoka formations and should take approximately 35 days to drill.

Previous caza wells in the same prospects (158 #1 and Caza 162 #1 wells) encountered multiple, pay zones.These two wells are currently in completion phase which requires multiple fracture stimulation's.

RNS History

Expected News

Based on log data, the Company has reason to evaluate these shallower sands for additional potential across its current acreage block. After determining that none of the sands are likely to be productive at commercial rates, the Company has sought approval from its partners in the Well to proceed with plug and abandonment procedures.

Newspaper/Online Articles

Feb 2011

Jan 2011

Dec 2010

Nov 2010

Oct 2010

Further reading

References

  1. ↑ Caza Website
  2. ↑ Caza RNS 17th Jan 2011
  3. ↑ Tango petroleum website Feb 2011
  4. ↑ Britannica website
  5. ↑ (Galloway et al., 1982)
  6. ↑ (Galloway et al., 1982, 2000)
  7. ↑ (Galloway, 1977)
  8. ↑ USGS Report - look in further reading section
  9. ↑ Caza 2009 Report
  10. ↑ Caza RNS 19/06/2010
  11. ↑ caza RNS - 15/12/10
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