Caza Oil & Gas has secured a further extension on its financing arrangement with Apollo Investment Corporation.
The company entered into a Note Purchase Agreement two years ago when Apollo agreed to purchase up to $50million of it senior secured notes.
In September it was revealed the balance of the Note Purchase Agreement remained at $45million and although expected to comply with certain financial requirements, Caza was found to not be in full compliance.
Caza Oil and Gas has entered into a farmout and exploration agreement with Clayton Williams Energy Inc (CWEI) for land in the Delaware Basin.
The Houston-based company will jointly develop CWEI’s 14,738 leased acres in Reeves County, Texas.
Both companies anticipate a one rig drilling program in the farmout area in 2015, beginning with the initial horizontal Wolfcamp well.
