Caza oil and gas confirmed bumper first quarter results.
The Texas-based company increased its adjusted EBITDA by 695% to £2,139,210 from last year’s $359,546.
Caza, which operates in the Permian Basin, Texas and the Louisiana Gulf Coast, more than doubled its natural gas liquids (NGL) production to 101,709 Mcf.
The company’s exploration in the New Mexico Bone Spring well was a major contributing factor to the drastic spike in production and earnings. The well has currently been drilled to 3,800ft. It will eventually be drilled to a final depth of approximately 15,800ft.
Chief executive W. Michael Ford said: “We are pleased to provide our financial and operational results for the first quarter of 2014. Once again our numbers are up across the board. Our oil and NGL volumes are up 224% year-on-year and 31% since Q4 2013. Oil and NGL’s now comprise 73% of the Company’s combined oil and natural gas production. Additionally, our natural gas production was up 156% year-on-year, which is the direct result of associated natural gas production and quick hook-ups to sales lines in the Bone Spring play.”
“These production increases have led to correlative increases in Company revenues. Company revenues from oil and natural gas sales increased 259% year-on-year and 36% quarter-on-quarter. Our adjusted EBITDA also increased 695% year-on-year.”
“I am very pleased with the Company’s continued operational success and progress in the Bone Spring play. This area has been the primary focus for the Company and continues to generate material value creation for our shareholders. We hope to continue this success throughout the remainder of 2014.”
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