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Caza Oil & Gas Inc. Announces Another Strong Result for Its Bone Spring Program

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Core Tip: Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ)(AIM:CAZA) is pleased to announce another strong result for the Company's Bone Spring program with the initial test well on its

Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ)(AIM:CAZA) is pleased to announce another strong result for the Company's Bone Spring program with the initial test well on its West Copperline Property in Lea County, New Mexico.

The West Copperline 29 Fed #1H horizontal Bone Spring test well reached its intended total measured depth of approximately 15,035 feet in the 2nd Bone Spring Sand interval on October 11, 2013, and was subsequently fracture stimulated beginning on November 1, 2013. Under controlled flowback the producing rates have remained steady, and the well produced at a peak 24 hour gross rate of 800 barrels (bbls) of oil and 1.21 million cubic feet of natural gas, which equates to 1,002 bbls of oil equivalent on November 15, 2013. The well continues to clean up and is producing on a 22/64ths adjustable choke at 1,835 pounds per square inch flowing tubing pressure.

Log data and core samples were also obtained across the Brushy Canyon, Avalon and 1st and 3rd Bone Spring Sand intervals. The data indicates the presence of oil and natural gas across each of these intervals, which is favorable for the future development of these sections. Management believes the deeper Wolfcamp formation on the property is also prospective for oil and natural gas.

Caza currently has a 62.5% working interest (approximate 47.25% net revenue interest) in the West Copperline 29 Fed #1H well.

W. Michael Ford, Chief Executive Officer commented:

"This is an excellent result on the West Copperline Property and another successful Bone Spring well for the Company. We are very pleased with this result and the value created for our shareholders. Oil is already being sold, and natural gas should be flowing to sales within a week to ten days. We plan to develop this property as soon as our drilling permits are approved. The positive log and core data in the shallower intervals and the other Bone Spring intervals not only create future development opportunities, but will also add to the Company's reserve value.

Production from this well and the property will further increase Caza's oil to gas production ratio and add significant cash flow to the Company."

"We are also very pleased with our current operations in the broader Bone Spring Play, as detailed in the recent Q3 announcement, and will continue to provide appropriate updates to the market as events dictate."

 
 
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