CAVR, once next pr come out could be an outburst
CAVU Resources, Inc. ("CAVU") (Pinksheets:CAVR - News) today announced its subsidiary CAVU Energy Services, LLC ("CAVU") has entered into an agreement with Energy Revenue America, LLC, a Texas limited liability company, ("Energy") to rework and or drill up to 100 wells in Nowata, Oklahoma valued at approximately $5,000,000.
The agreement calls for CAVU to begin reworking the wells on the Envirotek lease Energy is acquiring. With plans to begin in the next few weeks, CAVU has been moving its equipment to a staging area in Nowata, Oklahoma. Energy plans to have CAVU install new equipment, utilizing well stimulation, reentry, complete environmental audits and an action plan utilizing historical data from engineers targeting new drilling sites. The Envirotek property Energy is acquiring has 19 zones with 12 zones targeted that could potentially produce both gas and oil. The wells in the area have historically ranged from 600 to 1200 feet. These shallow wells will allow for a rapid development program. The existing transmission lines owned by Envirotek will be utilized along with planned expansion into undeveloped leases.
"This agreement utilizes idle operating assets of CAVU; this along with the sale of Envirotek should provide cash flow and profits for both 2011 and 2012," said William C. Robinson, CAVU's President.
AI
