Caza Oil & Gas, Inc. announces an increase in the value of PDP and Proved reserves in the current year as a result of its successful development drilling program in the Bone Spring Play since April 30, 2013.
Total Net Reserves): In the Company's latest reserves report as at September 30, 2014 (the "Reserves Report"), prepared by Netherland Sewell & Associates, Inc., proved developed producing ("PDP") reserves increased 37.3% to 1,893.6 Mboe and total proved ("1P") reserves decreased slightly to 4,483.4 Mboe from April 30, 2014. The Company's proved plus probable ("2P") reserves also decreased by approximately 13.8% from April 30, 2014.
These decreases are due mostly to the sale of the Company's historical Wharton County, Texas production and lower commodity pricing. According to the Reserves Report, the Company's PDP value increased by approximately 32%, and despite the decrease to 1P reserves, the Company's 1P value increased by 8.8% from April 30, 2014, due to a higher percentage of oil/liquids production.