TULSA, Okla., May 10, 2011 /PRNewswire/ -- CAVU Resources, Inc.
("CAVU"), which trades as (Pink Sheets: CAVR), announced today that
the Company is utilizing new technology and introducing computer
controlled directional drilling and enhanced dewatering processes
to recomplete two wells on the Chisholm lease. CAVU plans on
reentering two of its existing wells, utilizing chemical
stimulation and dewatering processes after drilling four horizontal
legs out from each well.
The two producing wells were originally drilled in the 1950s to
the Bromide formation at about 3,000 feet. The wells will be
deepened to the Oil Creek formation at about 3,800 feet with the
horizontal legs to be drilled in zones with oil shows out 1,000' to
1,500' in four different directions. This allows for production in
multiple zones without the cost of drilling four separate wells.
Based on analyses from surrounding wells is estimated that the
Bromide and Oil Creek zones can produce up to 200 barrels of oil
per day, (BOPD) per well.
"After reviewing our recent production and well log analyses
from the Chisholm Lease, we are very confident that we should hit
our targets for the seven current wells we have reentered or plan
to, which would put our combined production at between 10 to 200
BOPD per well. This is part of an old Marathon Oil water flood,
where over 4 million of barrels of oil were recovered. We feel this
field and surrounding acreage has the great potential, using the
new technology we are introducing and drilling offset wells that
could provide increased reserves and long term cash flow. We
currently in negotiations for targeted lease opportunities in the
surrounding area. These leases have producing wells that we will
introduce a similar rework program as we have on the Chisholm
lease. This along with potential new development and drilling
programs could quickly duplicate our projected production," said
William Robinson, President of CAVU
Resources, Inc.
About CAVU Resources, Inc.
During World War II, Navy fighter pilots would look up at the
sky and if it was a "CAVU" day then it meant ceiling and visibility
unlimited. The pilots believed they would have unobstructed flying
allowing them to see their targets quicker, identify the obstacles
they needed to overcome, giving them a greater chance of success.
The founders of CAVU Resources, Inc., chose the name CAVU because
they believe that the company will be the embodiment of its
name.
CAVU was formed with the goal of becoming a recognized regional
player in the independent oil and natural gas industry by growing
the company's oil and natural gas reserves. CAVU is a natural
resource company engaged in the acquisition, exploration and
development of oil and natural gas properties. The Company operates
in the upstream segment of the oil and gas industry with planned
activities including the drilling, completion and operation of oil
and gas wells in Oklahoma,
Kansas, Colorado, Montana and Texas. The Company also owns two pipelines in
its area of operations, which will be used for gathering its gas
and oil and the gas and oil production of other producers.
The Company has acquired leases and is currently exploring
additional opportunities in oil and gas leases. The company has
acquired significant oil and gas equipment including rigs, trucks
and completion equipment.
CAVU's 100% owned subsidiaries, CAVU Energy Services, LLC
provides contract drilling, fracture stimulation and directional
drilling services to oil, natural gas exploration and production
companies. EnviroTek Fuel Systems, Inc., provides natural gas
delivery and marketing thru its own pipelines and FILO quip
Resources, LLC a licensed Oil and Gas Operating Company manages the
company's properties and targeted leases in Oklahoma, Colorado and Montana. CAVU plans to expand operations not
only in the traditional Oil and Gas business, but also to invest in
Geo-Thermal, Wind, taking advantage of the changing environment and
in the world's need for new, green and innovative resources. More
information is available at the company's website at
http://www.cavu-resources.com.
Cautionary note: This report contains
forward-looking statements, particularly those regarding cash flow,
capital expenditures and investment plans. Resource estimates,
unless specifically noted, are considered speculative. By their
nature, forward-looking statements involve risk and uncertainties
because they relate to events and depend on factors that will or
may occur in the future. Actual results may vary depending upon
exploration activities, industry production, commodity demand and
pricing, currency exchange rates, and, but not limited to, general
economic factors. Cautionary Note to U.S. investors: The U.S.
Securities and Exchange Commission specifically prohibits the use
of certain terms, such as "reserves" unless such figures are based
upon actual production or formation tests and can be shown to be
economically and legally producible under existing economic and
operating conditions.
Contact:
CAVU Resources, Inc.
info@cavu-resources.com
CAVR.PK
5147 South Harvard Ave,
Suite 138
Tulsa, OK 74135
Tel: 504-722-7402
Fax: 918-782-0776
SOURCE CAVU Resources, Inc.