TULSA, Okla., March 15, 2012 /PRNewswire/ -- CAVU
Resources, Inc. ("CAVU"), which trades on the OTC:CAVR.PK, has
initiated a workover program on the Hogshooter lease in
Washington County, Oklahoma.
CAVU had originally planned to introduce a new technology on the
project located in Washington
County, near the town of Nowata,
Oklahoma. Seasoned operators recommended utilizing the
original production plan and infrastructure developed by the
previous investors. To correct previously reported numbers at the
location that is located in Washington
County not Nowata, but near
the town of Nowata, Oklahoma,
CAVU physically inspected all of the assets. The recent
inspection of the wells verified the actual count on the
producing wells to be 50 with 15 water injections wells, 1
horizontal high rate water injection well and 1 water supply
well.
The company is not going to share the project as previously
reported. The Hogshooter was designed to be a water injection
or water flood project utilizing the sizable reserves and the
historically dependable long term production from the Bartlesville
Sand and Wayside Sand pay zones. The regional project had
historically produced over 2,000,000 barrels of oil. CAVU has
20 partially equipped production wells and has reworked 3 wells
over the last 60 days with average production at 1.5 barrels of oil
and 30 barrels of saltwater. The saltwater is being re-injected in
the formation to continue the designed enhancements that injection
of water creates.
"CAVU decided to utilize conventional and proven recovery
methods on this undervalued property, utilizing the originally
engineered and partially equipped infrastructure. Initial
results are proving that our original minimum production potential
to be over 100 barrels of oil a day. We plan to continue to equip
the well out of company cash flows. The targeted completion of the
rework project is estimated to be approximately 6 to 9 months.
Recently CAVU has seen a historical spike in volume and price
supporting the belief that projects like the Hogshooter and the
recent LOI with Sun Packing should continue to grow the company's
income and value of CAVU's stock," said William C. Robinson, CAVU's President.
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 has acquired leases and is
currently exploring additional opportunities in oil and gas
leases.
CAVU's operating subsidiary, CAVU Energy Services, Inc.,
licensed Oil and Gas Operating Company manages the company's
properties in Oklahoma and plans
to operate targeted leases in Kansas, Colorado, Montana and Texas. The company will utilize its own
operating equipment and with strategic partners provide contract
drilling, fracture stimulation and directional drilling services to
oil, natural gas exploration and production companies. CAVU plans
to expand operations not only in the traditional Oil and Gas
business, but also to invest in technology, waste disposal,
Geo-Thermal, solar and 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.
Contacts:
Specialty Situations Investor Relations
Tel: 973-507-6199
CAVU Resources, Inc.
Desai V. Robinson,
Director of Public Relations
5147 South Harvard Ave,
STE 138
Tulsa, OK 74135
Email: info@cavu-resources.com
Website: www.cavu-resources.com
Tel: 504-722-7402
SOURCE CAVU Resources, Inc.