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Caza Oil & Gas Announces Commencement of Drilling Operations on Lennox Prospect and Provides Operational Update

HOUSTON, TEXAS -- (Marketwire) -- 01/23/13 -- Caza Oil & Gas, Inc. ("Caza" or the "Company") (TSX:CAZ)(AIM:CAZA) is pleased to announce that drilling has commenced on the Company's Lennox Prospect ("Lennox") in Lea County, New Mexico. The Lennox State Unit 32 No. 2H horizontal well is the initial test well at Lennox.

Lennox Prospect, Lea County, New Mexico. As stated above, the Lennox State Unit 32 No. 2H horizontal well has commenced drilling. The well will be drilled to a total vertical depth of approximately 11,850 feet with a total measured depth of approximately 14,740 feet. The primary target is the Bone Spring Sands with potential secondary targets in the Delaware, Lower Brushy Canyon, Avalon Shale and Wolfcamp.

After selling an additional 7.5% working interest on a promoted basis and trading a 20% working interest on an acreage basis between Lennox and Madera/Roja Prospects (see below), Caza now has a 40.00% working interest before payout (31.88% net revenue interest) and a 50.00% working interest after payout (39.85% net revenue interest) in the Lennox State Unit 32 No. 2H well.

Madera and Roja Prospects, Lea County, New Mexico. The Company completed a working interest trade ahead of drilling at Lennox for interests in leases on two new Company projects called Madera and Roja Prospects ("Madera" and "Roja"). Caza traded a 20% non-operated working interest (15.94% net revenue interest) in the Lennox leases in return for a 20% non-operated working interest (16% net revenue interest) in two leases covering approximately 1,680 acres operated by Occidental Petroleum Corporation ("OXY"). OXY is expected to propose two wells, one on each lease, later this year.

Roja is a 280 acre lease located approximately 18 miles south of the Company's Copperline Prospect, and Madera is a 1,400 acre lease located approximately 20 miles south of Copperline. Both prospects contain target objectives similar to the Company's other Bone Spring projects, namely: Delaware, Lower Brushy Canyon, Avalon Shale, 1st, 2nd and 3rd Bone Spring Sands and Wolfcamp.

Copperline Prospect, Lea County, New Mexico. The Company has filed for an Application for Permit to Drill (APD) the Caza Ridge 14 State No. 4H horizontal well. This well will be a direct offset to the Caza Ridge 14 State No. 3H horizontal 3rd Bone Spring well and is currently scheduled to be drilled later this year.

Caza will have a 58.75% working interest (45.97% net revenue interest) in the Caza Ridge 14 State No. 4H well.

Quail Ridge Prospect, Lea County, New Mexico. The Quail "16" State No. 4H horizontal well has reached its intended total depth of 15,605 feet measured depth and will be completed in the 3rd Bone Spring Sand. Once the well is fracture stimulated, it will be brought online. The operator intends to skid the rig to the Quail "16" State No. 6H horizontal well location and commence drilling operations to the 3rd Bone Spring Sand. Caza has elected to participate in the Quail "16" State No. 6H well.

The Quail Ridge wells, which offset the Company's Lynch property, have produced positive results, and despite having a small non-operated participation interest in the wells, the Company continues to gain valuable information for future drilling at Lynch and other Company projects.

Caza has a 0.25% working interest (0.1875% net revenue interest) in the Quail "16" State Nos. 4H and 6H wells.

Company Bone Spring Prospects, Lea and Eddy Counties, New Mexico. The Bone Spring formation in Lea and Eddy Counties, New Mexico, contains multiple potential pay zones for oil and liquids-rich natural gas. Caza's current prospects in the horizontal Bone Spring play are Lynch, Forehand Ranch, Forehand Ranch South, Lennox, Copperline, Mad River, Azotea Mesa, Bradley 29, Two Mesas, Quail Ridge, Rover, West Rover, West Copperline, Madera and Roja. The Company has acquired approximately 4,070 net acres in the play to date. Leasing and drilling activity continues to increase in the play and initial producing well rates continue to improve with technological advances in drilling and frac designs. The Company is well positioned in the play, and continues to exploit opportunities to build on its current acreage position.

W. Michael Ford, Chief Executive Officer commented:

"We continue to progress our Bone Spring drilling program in southeast New Mexico, and are very pleased to have commenced drilling operations on the Lennox horizontal Bone Spring prospect. This is the Company's third operated Bone Spring test well with a material participation interest since August 2012. We are equally pleased to have closed the working interest trade for interests in Madera and Roja prospects. These are very good projects, and we look forward to participating in test wells to be drilled on them along with a development well at Copperline later this year."

"Additionally, the Quail Ridge wells continue to produce good results and provide valuable drilling and completion information. This bodes well for future drilling operations on our Lynch property, located in the adjacent section, as well as the Company's other horizontal Bone Spring projects."

About Caza

Caza is engaged in the acquisition, exploration, development and production of hydrocarbons in the following regions of the United States of America through its subsidiary, Caza Petroleum, Inc.: Texas and Louisiana Gulf Coast (on-shore), and the Permian Basin (West Texas and Southeast New Mexico).

In accordance with AIM Rules - Guidance Note for Mining, Oil and Gas Companies, the information contained in this announcement has been reviewed and approved by Anthony B. Sam, Vice President Operations of Caza who is a Petroleum Engineer and a member of The Society of Petroleum Engineers.

ADVISORY STATEMENT

Information in this news release that is not current or historical factual information may constitute forward-looking information within the meaning of securities laws. Such information is often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "schedule", "continue", "estimate", "expect", "may", "will", "hope", "project", "predict", "potential", "intend", "could", "might", "should", "believe", "develop", "test", "anticipation", "looks to be" and similar expressions. In particular, anticipated working interests and net revenue interests, information regarding the depth and timing of drilling operations, intended completion operations and the anticipated commencement of production contained in this news release constitutes forward-looking information within the meaning of securities laws.

Implicit in this information, are assumptions regarding the success and timing of drilling operations, rig availability, projected revenue and expenses and well performance. These assumptions, although considered reasonable by the Company at the time of preparation, may prove to be incorrect. Readers are cautioned that actual future operations, operating results and economic performance of the Company are subject to a number of risks and uncertainties, including general economic, market and business conditions and could differ materially from what is currently expected as set out above. Testing of the wells described in this press release has not been completed, and the tests disclosed herein are not necessarily indicative of long-term performance or of ultimate recovery.

For more exhaustive information on these risks and uncertainties you should refer to the Company's most recently filed annual information form which is available at www.sedar.com and the Company's website at www.cazapetro.com. You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While we may elect to, we are under no obligation and do not undertake to update this information at any particular time except as may be required by securities laws.

Information in this news release regarding areas in the Bone Spring Formation in which the Company does not have an interest may not have been prepared by a qualified reserves evaluator or auditor in accordance with the Canadian Oil & Gas Evaluators Handbook. Such information relates to areas which are proximate to areas in which the Company has or intends to acquire an interest and has been provided so that readers may better understand oil and gas activities in areas in which the Company operates or plans to operate. There is no warranty, express or implied, that the results of the Company will be consistent with such information. The Company's results may differ materially and readers should not assume the Company's results will be consistent with those of other operators or use such information for any purpose other than as specified herein.

The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.

Contacts:
Caza Oil & Gas, Inc.
Michael Ford, CEO
+1 432 682 7424

Caza Oil & Gas, Inc.
John McGoldrick, Chairman
+65 9731 7471 (Singapore)
www.cazapetro.com

Cenkos Securities plc
Jon Fitzpatrick
+44 20 7397 8900 (London)

Cenkos Securities plc
Neil McDonald
+44 131 220 6939 (Edinburgh)

VSA Capital Limited
Andrew Raca
+44 20 3005 5004

VSA Capital Limited
Malcolm Graham-Wood
+44 20 3005 5012

M:Communications
Patrick d'Ancona / Chris McMahon
+44 20 7920 2330

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