Caza Oil and Gas declares that the Glass Ranch A #1 well in Upton County, Texas has successfully encountered hydrocarbons. The well, operated by Momentum Energy Corporation of Midland Texas, reached a total depth of 10,556 feet on July 5, 2008. Electric logs indicated multiple potential pay sands in the Wolfcamp and Spraberry formations.

Completion operations have commenced and a fracture stimulation is planned for the near future. Following the success, the rig is being moved to an offsetting location to spud the Glass Ranch B #1 well.

Caza currently has a 50.0% working interest and a corresponding 39.08% net revenue interest before payout of the well, which will change after payout to an estimated 47.41% working interest and an estimated 36.32% net revenue interest.

John McGoldrick, Executive Chairman of the Company, commented, “The Glass Ranch A #1 is the first of four planned wells on this property. This is a very encouraging start to our exploration efforts in the Wolfcamp/Spraberry play in the Permian Basin, a very active and exciting oil producing area.”

Tags: Caza Oil & Gas