Caza Oil and Gas has seen an increase in its proved developed producing reserves this year as a result of its drilling program in the Bone Spring play.
PDP reserves increased 37.3% to 1,893.6 Mboe while total proved reserves decreased slightly to 4,483.4 Mboe from April 30, 2014.
The high profits are said to be largely from the Bone Spring play development program in New Mexico, which has 28 production wells.
Mike Ford, chief executive, said: “The increased value to PDP and Proved reserves is the result of our successful development drilling program in the Bone Spring play resulting in high oil and liquids production.
“As we continue to drill development wells in the play, we anticipate our PDP and 1P reserves will continue to increase as we prove up probable and possible reserves from the 2P and 3P categories.”
Caza Oil and Gas operated Igloo 19 #2H and Lennox 32 #4H wells along with the non-operated Marathon Road 15 OB #1H well are scheduled for fracture stimulation over the next two weeks.