$CAVR ~ April 15, 2011 ~ CAVU Resources, Inc. ("CAVU"), which trades as OTC: CAVR.PK, announced today that the Company's well, CAVU 1, was recently re-entered and reworked producing an initial flow rate of 24 barrels of oil a day and an estimated 300 MCF of natural gas.
(that's Oil AND Gas folks...$$$..)
CAVU's wholly owned subsidiary FILO Quip Resources, LLC, ("FILO") is the operator and has been replacing and reconditioning all of the Chisholm Lease facilities. Along with the recent completion of the CAVU 1, FILO's planned rework program has purchased new storage tanks, tubing, high volume submersible and disposal pumps with plans to complete CAVU 2 and CAVU 3 wells over the next 90 days.
(three working wells within 90 days?...Great!...)
The three wells currently being reworked were originally drilled to the Bromide formation at about 3,000 feet. The company has also begun a chemical treatment program to complement the new technology being implemented throughout the lease. The company has remote wireless control, video transmitting and recording equipment to monitor well and facility conditions for productivity, safety and security.
"We continue to surpass our expectations on this lease, we are very confident that we should hit our targets for seven wells in production by the end of this summer.
(SEVEN working wells in production by the end of this summer?...Fantastic!...)
The Chisholm Lease is part of an old Marathon Oil water flood, where over 4 million of barrels of oil were recovered. The old technology previously utilized left a large portion of the reservoir intact. With new technology and chemical stimulation techniques we feel this field and the surrounding acreage has great potential, including well offset well locations, that could provide increased reserves and add to long term cash flow," said William Robinson, President of CAVU Resources, Inc.
(it ALL sounds GOOD to me...)
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