Exploration & Production | Capital Markets | Contract Awarded | Private Equity Activity
Caza Cancels Delaware Basin Farmout
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Caza Oil & Gas, Inc. has announced that, further to the announcement on November 12, 2014 regarding a farmout and exploration agreement entered into with Clayton Williams Energy, Inc., the Agreement has now been terminated by mutual agreement.
As announced previously, the Parties had agreed to jointly develop CWEI's 14,738 leased net acres in Reeves County, Texas, subject to the terms of the Agreement.
These terms required, amongst other things, the drilling of an initial horizontal Wolfcamp well on or before February 1, 2015 with CWEI as the operator. Caza was to provide 75% of the costs attributable for drilling, completing and equipping the Initial Commitment Well through production facilities to earn a 50% working interest (approximate 37.5% net revenue interest) in the well and the…
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