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Caza Oil and Gas has entered into a farmout and exploration agreement with Clayton Williams Energy Inc (CWEI) for land in the Deleware Basin.

The Houston-based company will jointly develop CWEI’s 14,738 leased acres in Reeves County, Texas.

Both companies anticipate a one rig drilling programme in the farmout area in 2015, beginning with the initial horizontal Wolfcamp well.

W. Michael Ford, chief executive officer, said:”We are very pleased to announce this sizeable transaction with CWEI.

“This is an excellent opportunity for Caza to substantially grow its asset base in the Delaware Basin’s exciting Bone Spring/Wolfcamp Play with a company that has a proven track record in the basin.....