Caza soars after hydrocarbon finds
Shares in Caza Oil and Gas gained more than 20% Friday after it reported hydrocarbon finds at two of its Texas wells.
The first sales of natural gas from the Eland property, in which it has a 35% stake, are expected to begin on May 20, while completion operations at the Puku property, also 35% owned by Caza, will begin around May 16.
"Of five exploration wells drilled by Caza this year so far we have encountered hydrocarbons in four, and following well completion and tie-in operations expect to have production from at least three of them in the very near future," chief executive Mike Ford said.
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"I am especially pleased that our recent drilling results have proven that our geophysical understanding and the utilization of advanced analysis in direct hydrocarbon indicators is working."
Caza explores for and produces oil in Texas, Louisiana and New Mexico.
