CAVR to Acquire $780,000,000 of Recoverable Reserves
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Issue# 1822 |
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| CAVR to Acquire $780,000,000 of Recoverable Reserves |
TULSA, OK–(Marketwire – 02/01/10) – CAVU Resources, Inc. ("CAVU"), which trades as (Pinksheets:CAVR - News ), announced today that it has entered into a Letter of Intent to acquire a 7 mile section of a gas gathering pipeline along with a 2,240 acre lease and existing well that has at current prices $780,000,000 of proven recoverable natural gas reserves. The lease, well and pipeline are located in South Texas.
A contour map of the lease was prepared; with the Landsat imagery obtained showing the correlation for the structure is quite good. Landsat did indicate a much larger aerial coverage of the structure than seismic. The structure is quite prominent from the size of the structure; it can be assume to be Ordovician or Cambrian in age. One smaller seismic contour map may be indicating later reefing at shallower depths. The Landsat does indicate that the acreage currently be held under lease is quality property with good hydrocarbon potential.
The current well has seven indentified pay zones starting at 5,000 feet to a depth of 23,000 feet. From the number of differing productive zones in the well and offset scout ticket data from a major oil and gas producer (located immediately south of the well) it can be inferred that a new discovery gas field is in development with potential of 15 to 20 deep wells.
A mix of shallow wells is initially planned followed by the deeper, more expensive wells financed from production profits. Well spacing on this lease ranges from 40 acres per well on the shallow zones to 320 acres per well on all of the other productive zones.
The company plans to check production and quality of gas on the well over the next 30 days including a 4 point well test and to pressure test the acquired pipeline. With successful results on the well, the company will commence production from the existing productive zone. The current head pressure is at 4800 PSI and the Geologist/ Petroleum Engineer estimated an initial production in the area of 2,000,000 to 5,000,000 MCF per day.
"With the closing of this acquisition and a successful test, CAVU will move to a new level as an Independent Natural Resource Company. This project is a game changer for CAVU," said William
The company has purposely withheld the well name, specific lease location, and producible zones and exacts depths until certain benchmarks and tests are completed and the acquisition is closed.
About CAVU Resources, Inc.
During World War II, Navy fighter pilots would look up at the sky and if it was a "CAVU" day, it meant ceiling and visibility unlimited. Pilots knew their path would be clear and their target or goal would be clearly visible. 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
| CAVU Resources INC (OTCPK: CAVR) Stock Symbol :: CAVR |
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CAVU Resources INC (OTCPK: CAVR) (CAVR)
CAVU Resources – CAVR 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. |
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CAVU Resources Inc.
Phone: 775-888-3174 |
· Magnum Hunter Resources Corporation, formerly Petro Resources Corporation, is an independent oil and gas company engaged in the acquisition, drilling and production of oil and natural gas properties and prospects within the · The Meridian Resource Corporation ( |
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CAVU Resources, Inc. Announces Acquisition of EnviroTek Fuel Systems, Inc.
CAVU Resources, Inc. announced that the Company has acquired EnviroTek Fuel Systems, Inc. (EnviroTek) in a stock purchase agreement. EnviroTek owns a 3,140 acre project in
Spread across three townships (or 13 miles), the project contains about 12 producing natural gas wells, 6 shut-in wells awaiting rework or completion in another zone, and about 40 to 50 proven and undeveloped (PUD) locations for new wells.
As part of the acquisition, CAVU also has purchased about 35 miles of pipeline that connects the wells and acreage position in this project. This transaction is valued at $500,000.
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| Company Overview |
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CAVU Resources, Inc. (OTC.PK: CAVR) 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. We believe that our company will be the embodiment of its name. CAVU was formed to be a fully self-supported independent energy company – which we define as a Company that has enough of its own equipment, services, leases, projects and assets to be able to keep most of the services needed in order to become a successful energy company ‘in-house.’ In the energy industry, one of the keys to success is being able to get access to field services in a timely and cost effective manner. This usually is only achieved by large companies who can contract services for multi-year contracts or by smaller independents like CAVU, who operate their own field services divisions. CAVU’s has assembled a management team with diverse experience in the energy sector ranging from investment bankers to drillers to seasoned energy business professionals. Not only is CAVU’s team a top-shelf management team, the Company is also steered by an advisory committee that is comprised of some of the most respected and experienced professionals in our business. With a sound model and an excellent management team, CAVU’s founders then began focusing on ensuring that the Company’s projects are among the very best available in the country. To that end, CAVU is focusing primarily on oil and gas fields that have been previously developed and abandoned prior to 1980. This strategy reduces risk and the impact of environmental issues usually faced with developing new fields. CAVU has recently acquired leases that have producing oil and gas wells, and plans to start a multi-well drilling program during the second quarter of this year. CAVU’s business strategy will be growth through developing proven leases utilizing its core business assets in drilling as well as servicing (reworking and re-conditioning) existing production. The Company’s current area of focus includes 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, FILO Quip Resources, LLC its Oil Operating Company manages the company’s properties and targeted leases in Products & ServicesOil and Gas Production Projects One of CAVU’s competitive advantages is its access to top shelf deal flow for projects in areas where major established companies have spent the millions of dollars to take the risk out of finding and proving up an area. Some of our current projects that demonstrate this are the following:
CAVU Energy Services, LLC CAVU recently acquired three drilling rigs and the associated support equipment. The first rig (at right) is rated to 5,500’ and has just finished drilling two wells for another company about 40 minutes west of Tulsa, OK, and is currently being rebuilt in Oklahoma. The second and third rigs are air rigs that are rated to 2,000’ and are being moved to CAVU has access to seasoned drilling crews both to work its own leases and to lease drilling services on a contract basis. CAVU recently closed a $1.1 million dollar funding with Verilease Finance, LLC for drilling and completion equipment. To receive information about our drilling services, please click here. Energy Trading CAVU has recently set up operations in Possible Future Business Units The company is currently exploring additional opportunities in environmental services that include oil field clean up, disaster clean up, hazardous transportation, emergency response. Company Officers William C. Robinson, President
James Crane, CFO
Advisory Board
Stephen Johnson
Jeff Raley
Joseph Grace
Marinko Vekovic
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Disclosure
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must disclose the receipt and amount, whether past or prospective, of such consideration.
The LLC Companies contracted to receive and received $25,000 from a non-affiliate third party shareholder of CAVR in return for OTCR’s services to publicly and electronically disseminate information pertaining to CAVR.
It is imperative that all readers of the above Compensation Disclosure Section click on the link below to carefully review our Disclaimer in its entirety, which contains important information about penny stocks, our operations, the limited nature of the information presented in our publications and various risks attendant to the companies that we profile.
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