Shares in AIM and TSX listed Caza Oil & Gas (CAZA) have spiked 28.6% higher today to 18p valuing the company at £29.61 million. Supporters of this Texan oil play, urge me to look at Caza claiming that it will hit 25p before Christmas. But I am always nervous about oil companies operating in the US but listed here. So buy as a red hot penny share or sell as the good news is already discounted – which is it? I had a long chat with the company this afternoon and came to a conclusion. What would JR Ewing say?
The news today came from the company’s Caza Ridge horizontal Bone Spring well on its Copperline Prospect in Lea County, New Mexico. The company states:
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