Monday, March 28, 2011 11:50:31 AM
The agreement calls for CAVU to purchase the 900 acre project for $140,000 in cash and in $10,000 stock. CAVU plans to capitalize on the project by re-enter the existing wells, utilizing new technology, chemically treating and re-stimulate the wells. The project originally was a water flood and produced approximately 2,000,000 barrels of oil over a 20 year period. The project was shut in for about seven years and with limited reworking and stimulation of the wells until JHF acquired the project in 2009. JHF has re-entered 4 wells and cleared the locations for 20 more.
the project is going to be on an awesome start!
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