Texas-based Caza Oil & Gas has increased its proven reserves’ (1P) estimates following successful development drilling programme in the Bone Spring formation.
The 13% increase since December 31 to 4,875million barrels of oil equivalent (boe) was primarily driven by the 21 wells producing in the New Mexico assets, contributing a total of 4,215million boe of proved reserves.
The company has also registered a slight increase in its proven and probable reserves (2P) to 18,020million boe.
Earlier this year Caza reported a booming increase in EBITDA to £2,139,210 from last year’s $359,546 – a staggering 695% growth – which it also contributed to Bone Spring operations.
“The increase in 1P reserves is a result of our successful development drilling program in the Bone Spring’s play,” said Michael Ford, Caza Oil & Gas’ chief executive.
“As we continue to drill development wells in the play, we anticipate our 1P reserves will continue to increase as we prove up probable and possible reserves from the 2P and 3P categories.”
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