CAVR
:
Cavu Resources (CAVR)
0.05 ? 0.006 (13.64%)
Volume: 872,021
Bid Ask Day's Range
0.0491 0.05 0.04 - 0.05
veryyy productive day today! ton of potential
TULSA, OK--(Marketwire - 03/28/11) - CAVU Resources, Inc. ("CAVU"), which trades as (Pinksheets:CAVR - News), entered into an agreement with JH Field Service, LLC ("JHF"), an Oklahoma limited liability company, to purchase a 900 acre and 60 well lease in Nowata County, OK known as the Hogshooter Lease.
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.
CAVU plans to re-equip the project and put back into production approximately 40 of the identified oil and gas producing wells. With the recent work, the field is currently producing 4 to 5 barrels of oil a day with anticipated production being in excess of 100 barrels a day. CAVU has targeted the following zones: the Bartlesville Sand and Wayside Sand for oil, the Mulky Coal Bed, Roe Coal Bed and Mississippi Lime for Gas.
CAVU plans to begin the second week of June to install new equipment, storage facilities, begin well re-entry, well stimulation, and complete environmental audits and initiate an action plan utilizing historical data from engineers as well as targeting new drilling sites.
