Caza, an oil and gas exploration and production company with on-shore assets across three US States (Louisiana, Texas and New Mexico), announces the placing of 18,821,000 common shares (the “Placing”) and the admission of the Company’s issued and to be issued common shares with no par value (“Common Shares”) to trading on AIM, a market operated by the London Stock Exchange plc ("AIM"), and to a listing on the Toronto Stock Exchange (the “TSX”) (together “Admission”).
The Common Shares were admitted to trading on AIM under the symbol “CAZA” at 2.30pm (UK time) on 12 December 2007 and on the TSX under the symbol “CAZ” at 5.15pm (UK time) on 12 December 2007. A temporary suspension of trading in Caza’s Common Shares on AIM was put in place at 3.15pm (UK Time) on 12 December 2007. This temporary suspension has now been lifted.
Noble & Company Limited is the Company’s nominated adviser and Noble & Company Limited and Haywood Securities (UK) Limited are the Company’s joint brokers.
Regarding the issuance of the Common Shares and the Admission, John McGoldrick, Executive Chairman of the Company, commented:
“We are delighted to have received support for our plans from investors. The funds raised will accelerate our drilling programme and provide investors with exposure to a balance of exploration, appraisal and development drilling.”
Caza has 69,319,000 Common Shares in issue which trade under the following ISIN numbers:
ISIN no. No. of Common Shares Type of shares
CA 1498011024 58,989,200 Unrestricted
US 1498012012 10,329,800 “Reg D”
“Reg D”
Certificates evidencing Common Shares issued to purchasers in the United States pursuant to Regulation D of the US Securities Act 1933 (“Reg D”) have been issued in legended, certificated form. If such Common Shares are subsequently traded in compliance with Regulation S under the US Securities Act of 1933 with non-US investors then such Common Shares will become identical to the other Caza Common Shares held by non-US investors and will no longer be subject to Reg D restrictions.
Admission details:
Placing price per Common Share Cdn$0.80 (39 pence)
Number of Common Shares in the Placing to be issued by the Company 18,821,000
Percentage of enlarged issued share capital represented by the Common Shares being placed 27.2%
Common Shares in issue on Admission 69,319,000
Market capitalisation on Admission at the Placing price Cdn$55.5 million (£27.0 million)
Estimated net proceeds of the Placing receivable by the Company * Cdn$11.8 million (£5.7 million)
* Net proceeds receivable by the Company are stated after deduction of the Placing expenses of approximately Cdn$3.3 million (£1.6 million).
For further information contact:
John McGoldrick, Executive Chairman, Caza Oil & Gas, Inc. +1(0) 281 363 4442
Nick Naylor, Noble & Company Limited +44 (0) 20 7763 2200
(Nominated Adviser and Joint Broker)
Daniel Brooks, Haywood Securities (UK) Limited +44 (0) 20 7031 8000
(Joint Broker)
Peter Reilly, Aquila Financial Ltd +44 (0) 20 7202 2601
(Financial Public Relations Advisers)
www.cazapetro.com
This press release is not an offer to sell Common Shares of the Company in the United States. Common Shares may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933 or an exemption from registration. Any public offering of Common Shares to be made in the United States will be made by means of a prospectus that may be obtained from the Company and will contain detailed information about the Company and management as well as financial statements.
Further information about Caza
Caza is engaged in the acquisition, exploration, development and production of hydrocarbons in the Texas Gulf Coast (on-shore), south Louisiana, southeast New Mexico and the Permian Basin of west Texas regions of the United States of America through its subsidiary, Caza Petroleum, Inc. (“Caza Petroleum”). Caza Petroleum and its predecessors have been managed by the current members of its management team (John R. McGoldrick, W. Michael Ford, James M. Markgraf, Anthony B. Sam and Richard R. Albro, together the “Management Team”) and have been engaged in the acquisition, exploration, development and production of hydrocarbons in Caza Petroleum's core operating areas since 2000.
Caza Petroleum has drilled two successful exploration wells in its south Louisiana focus area. These are the Thunder Stud discovery, located in Calcasieu Parish, Louisiana, which is awaiting completion, and another which resulted in the extension of the Dulac Field, located in Terrebonne Parish, Louisiana. The well located in the Dulac Field was brought on stream in December 2006. Four of seven wells drilled by Caza Petroleum in Wharton County, Texas, were successful and have been completed as producing wells.
Caza Petroleum has interests in approximately 34,000 gross (11,400 net) acres of land and operates the majority of its acreage. Caza Petroleum also enjoys non-exclusive data licenses in respect of 8,000 square miles of 3-D Seismic data. The Company’s strategy is to utilize its 3-D Seismic data base to identify undeveloped targets within proven hydrocarbon arenas.
Caza Petroleum's current asset portfolio includes producing assets, new development projects, appraisal and exploration targets, prospects and leads.
A Competent Persons Report, prepared by Netherland Sewell Associates Inc. (“NSAI”) (the “NSAI Report”) estimates that, as at 30 June 2007, Caza Petroleum's total net proved, probable and possible oil and natural gas reserves were approximately 166.9 Mbbl of light and medium crude oil, 74.7 Bcf of natural gas and 656.8 Mbbl of natural gas liquids. The NSAI Report also attributes a net present value of US$187.9 million to Caza Petroleum's proved, probable and possible reserves, before taxes, based on a discount rate of 10% and forecast prices effective as at June 30, 2007.
Biographies of the directors of Caza
John Russell McGoldrick, Executive Chairman and Director
John Russell McGoldrick is a director and Executive Chairman of Caza and a director and Executive Chairman of Caza Petroleum. From February 2004 to August 2006, Mr. McGoldrick served as President of Falcon Bay. Prior thereto, Mr. McGoldrick was employed by Enterprise Oil plc from June 1984 to October 2002, serving in a number of positions, including President of Enterprise Oil Gulf of Mexico Inc. from August 2000 to October 2002 and Managing Director of Enterprise Energy Ireland Ltd. from December 1997 to August 2000.
William Michael Ford, President, Chief Executive Officer and Director
William Michael Ford is Chief Executive Officer of Caza and President of Caza Petroleum. From November 2000 to July 2006, Mr. Ford served as a Vice President of Falcon Bay. Mr. Ford was also a founder and has served as President of Penwell Energy, Inc. from 1988 to present. Penwell Energy, Inc. is depleting its existing assets and has no plans for future business.
J. Russell Porter, Non-Executive Director
J. Russell Porter is a director of Caza and has served as an officer of Gastar Exploration Ltd. since September 2000 and as President and Chief Executive Officer of such company since February 2004. Prior thereto, Mr. Porter served as Executive Vice President of Forcenergy Inc. from April 1994 to September 2000, as Vice President of the Natural Resources Group of International Nederlanden (U.S.) Capital Corporation from January 1992 to April 1994, as an Associate of the energy merchant banking division of Manufacturers Hanover Trust Company from July 1990 to January 1992, as assistant to the president of Gamxx Energy/Reliable Production Service from 1987 to 1988, and as Gulf Coast Project Director of Ramco Energy Corporation from 1986 to 1987.
John Ross Rooney, Non-Executive Director
John Ross Rooney has served as Chief Executive Officer and a director of TUSK Energy Corporation. since December 2006. Mr. Rooney has also previously served as President, Chief Executive Officer and a director of Zenas Energy Corp. from August 2005 to January 2007, as President and Chief Executive Officer of Blizzard Energy Inc. from December 2002 to July 2005, as Vice President and Chief Financial Officer and then President and Chief Executive Officer of Equatorial Energy Inc. from May 1999 to June 2002, as Vice President and Chief Financial Officer of Calgary Louisiana Energy LLC from July 1997 to May 1999, as an originator and organizer of a private drilling fund from May 1997 to March 1999, as Vice President and Chief Financial Officer of Tidal Resources Inc. from June 1993 to January 1997, and as an accountant and other positions for Ernst & Young and Clarkson Gordon from January 1980 to December 1992. Mr. Rooney is also a director of Saxon Energy Services Inc.
James De Vaux Brillantes Guiang, Non-Executive Director
James De Vaux Brillantes Guiang is a director of Caza. Mr. Guiang has more than 25 years' experience in the international oil and gas exploration and production industry and has served as a Portfolio Manager with Millennium Global Investments since May 2006. Prior thereto, Mr. Guiang was an independent consultant. Mr. Guiang also served as a non-executive director of Petrolatina Energy PLC (an AIM listed company) until November 2007.
Biographies of the Management Team
Caza and Caza Petroleum are managed on a day to day basis by the Management Team which consists of John McGoldrick, Michael Ford and the following three executives:
James Michael Markgraf, Vice President Finance and Chief Financial Officer
James Michael Markgraf is Vice President, Finance and Chief Financial Officer of Caza and Caza Petroleum. From October 2000 to July 2006, Mr. Markgraf served as Chief Financial Officer and Treasurer of Falcon Bay. Prior thereto, Mr. Markgraf served as Chief Financial Officer and Treasurer of Penwell Energy, Inc. from October 1991 to October 2001, and as an accounting manager and accountant of several different firms from 1984 to October 1991. Mr. Markgraf is a Certified Public Accountant.
Anthony Bryan Sam, Vice President Operations
Anthony Bryan Sam is Vice President, Operations of Caza and has been Vice President, Operations of Caza Petroleum and its predecessors since October 2000. Mr. Sam also served as President of Chahta Petroleum, Inc. since January 1992. Prior thereto, Mr. Sam served as President of Sendero Petroleum, Inc. from January 1989 to June 1992, as Operations Manager of Mussleman, Owen & King Operating, Inc. from August 1987 to January 1989, and as a Petroleum Engineer of Chevron U.S.A. from May 1982 to August 1987.
Richard Ronald Albro, Vice President Land and Secretary
Richard Ronald Albro is Vice President, Land and Secretary of Caza and has been Vice President, Land of Caza Petroleum and its predecessors since October 2000. Mr. Albro also previously served in various land positions for Penwell Energy, Inc. from September 1993, after serving two years as Penwell Energy's in-house landman.
Posted by Aquila Financial on Thursday, December 13, 2007 09:42
Category Company News Release
Feeds RSS and Email Alerts