Caza Oil & Gas, Inc.(TSE:CAZ) provided an update on the O.B. Ranch #1 well on the Bongo prospect in Wharton County, Texas.
Caza Oil & Gas, Inc.(TSX:CAZ) provided an update on the O.B. Ranch #1 well on the Bongo prospect in Wharton County, Texas.
The press release is quoted as saying:
The Well reached total depth of 16,280 feet on August 10, 2010 having encountered Yegua, Cook Mountain and Wilcox sands. As announced on July 27, 2010, preliminary drilling and log data indicated hydrocarbon-bearing sands in a shallower horizon of the Well. Logging results and shows while drilling clearly indicate that hydrocarbon-bearing sands were encountered in the Eocene, Cook Mountain sand formation between 12,400-12,900 feet and represent a potentially significant discovery of natural gas and natural gas condensate. High resolution electric log analysis indicates the Well encountered in excess of 100 feet of net potential pay. The analysis indicates that the Cook Mountain sandstone interval should be productive in the Well. Importantly, Caza’s seismic data indicates several development locations that could increase reserves and revenues at moderate costs and manageable risk levels.