TULSA, OK--(Marketwire - 12/15/09) - CAVU Resources, Inc. (Pinksheets:CAVR - News) announced today that the Company has recently mobilized its crew to complete the reworked of it gas production in Garfield County, Oklahoma.
This recently acquired project is in a gas production region with proven reserves. The Company has been focused on assessing the top priorities on its 160 acre lease. The first stage of the recompletion consists of pulling the rod and tubing and pressure testing the wellbore for production in the upper and lower Perry Sand formation.
Finally the company will re-perforate the formation location adding 3 shots per foot in the 26ft combined formation, as well as 12 feet of new perforations in the Advant formation and fracture the zones and treat with acid to open up these formations. This well has a long history of production and we anticipate that this re-work will add another 150,000 cubic feet of production. With this increased production, the Company's combined daily totals should soon exceed approximately 600,000 cubic feet of natural gas per day.
"The recent rise in gas prices and increased production, will allow additional cash flow to help fund new exploration of this and surrounding leases," said William C. Robinson, President of CAVU Resources, Inc.
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 founders of CAVU Resources 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 and Texas. The Company also owns two pipelines in its area of operations, which will be used for gathering its gas and oil and the gas and oil production of other producers. The Company has acquired leases and is currently exploring additional opportunities in oil, gas and helium leases. The company has acquired significant oil and gas equipment including rigs, trucks and completion equipment. CAVU's 100% owned subsidiaries, CAVU Energy Services, LLC provides contract drilling, fracture stimulation and directional drilling services to oil, natural gas exploration and production companies. EnviroTek Fuel Systems, Inc., providing natural gas delivery and marketing thru its own pipelines, CAVU Operating Company, LLC managing the company's properties and targeted leases in Oklahoma, Texas, Colorado and Montana. CAVU plans to expand operations not only in the traditional Oil and Gas business, but also to invest in Geo-Thermal, Wind, Solar and security, 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.
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