December 1, 2009 |
| CAVR Secures Farm-In With Anadarko in Colorado |
TULSA, OK--(Marketwire - 11/30/09) - CAVU Resources, Inc. ("CAVU") (Pinksheets:CAVR - News ), which trades as OTC:CAVR.PK, announced today that the Company has secured a Farm-In and Joint Venture Development Agreement with PVR Exploration, LLC to participate in a farm-in with Anadarko Petroleum Corporation to develop 640 acres in eastern Colorado.
The acreage position is located in the outer edges of the Denver-Julesburg Basin where production is drawn from Mississippian, Pennsylvanian, Permian and Cretaceous reservoirs. Production in this area from current operators has been established through a successful 3D seismic program shot over an extended area.
CAVU plans to test multiple stacked targets in the Marmaton, Morrow, Cherokee, Atoka, and Mississippian formations. Well permit applications are currently in the process of being submitted to the State of Colorado for approval.
Companies involved in the development of this 200,000+ acre area have estimated that the aggregate potential of the targets is in excess of 200,000 barrels of oil recoverable per well with estimates ranging from 100 to 150 million barrels of oil in place with significant potential to increase that estimate based on the extent of the current seismic features seen.
"With what has already been done by a few of the other companies developing this area, we feel comfortable using the figure of 1,000,000 barrels recoverable per section (640 acres)," said William Robinson, President of CAVU Resources, Inc. "Independent technical evaluations and studies of historical production in wells drilled in the 1980s have indicated significant oil in place and identified additional by-passed oil zones. We are actively looking for ways to expand our position in this area where we feel there will be major development in the years to come, so we are excited to get in early," he added.
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 ex ploring 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 and 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.
| CAVU Resources INC (OTCPK: CAVR) Stock Symbol :: CAVR |
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 | CAVU Resources INC (OTCPK: CAVR) (CAVR) CAVU Resources (OTCPK: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, Montanna, Colorado and Texas. | |||||||||||
CAVU Resources Inc. 2533 N. Carson City Suite 4116 Carson City, NV 89706 Phone: 504-722-7402 Fax: http://www.cavu-resources.com |
· 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 United States. The acquisition and exploration pursuits of oil and natural gas properties are located in Texas, Louisiana, North Dakota, New Mexico and Kentucky. AMEX:MHR Recent Price: $.96 · The Meridian Resource Corporation ( Meridian), incorporated in 1990, is an independent oil and natural gas company. The Company explores for, acquires and develops oil and natural gas properties. As of December 31, 2008, it had proved reserves of 80 billion cubic feet (Bcfe). Sixty-three percent of its proved reserves were natural gas and approximately 64% were classified as proved developed. NYSE: TMR Recent Price:$.39 |
| Current Projects |
 | CAVU Resources, Inc. restructures Acquisition of FILO Quip Resources, LLCThe Company has restructured the original acquisition of Filo Quip Resources, LLC . CAVU assumed the agreement to purchase FILO from a private investment group. The agreement calls for the assumption of specific liabilities and a combination of cash and a 6 month note transaction valued at $700,000 dollars. In the acquisition, CAVU is purchasing a 140 acre lease in Garvin County, Oklahoma that has two producing wells and seven additional wells that can be completed in down-hole reservoirs. The two producing wells were originally drilled in the 1950s to the Bromide formation at about 3,000 feet. The we lls were re-entered during the 1990s when companies in the area began testing deeper reservoirs. The wells were then deepened to the Oil Creek formation at about 3,800 feet. The two wells are currently producing a combined 35 to 40 barrels of oil per day (BOPD). CAVU plans to re-enter the other seven wells on the lease and rework them with the possibility of deepening them to the Arbuckle at about 4,000 feet. | 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 Nowata County, Oklahoma, which is about an hour north of Tulsa, OK. 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; the total acquisition is valued over $470,000. |
| Company Overview |
CAVU Resources. (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. The founders of CAVU Resources chose the name CAVU because they believe that the Company will be the embodiment of its name with a clear vision and identified goals. 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. 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:
Drilling Services CAVU recently acquired three drilling rigs and the associated support equipment. The first rig is rated to 5000’, (at right) is rated to 5,500’ and the second rig is rated to 3,000’ and the third rig is an air rig that is rated to 2,000’ and it is being moved to Nowata County, OK to begin a drilling program on the Hogshooter project. 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. Alternative Energy Projects The main ‘wind corridor’ in the United States is a 1,200 mile area that runs from Wyoming through Colorado and Kansas into Oklahoma, New Mexico and Texas. In this corridor, wind farm developers include Cielo Energy, Florida Power and Light, Third Planet, Seawest, National Wind, John Deere Wind and others. These are the companies that are now most actively contracting with Landmen/Land Agents to buy up the rights to develop surface projects and leases within this trend. CAVU has identified four potential Wind Farm locations and is working to negotiate the right to purchase wind energy leases. In December 2007, the Colorado Governor’s Energy Office (CGE) presented to Governor Bill Ritter a 70 page Report outlining all studies of renewable energy within the state. This report identifies areas defined as generation development area (GDA), and CAVU is working to secure leases within these GDA’s where it has been independently verified that there is sufficient wind generation to sustain a wind farm. These areas range in potential generation from 2 Gigawatt (GW) of power to 45 GW. Security Systems Oil field security is growing business segment with renewed security threats to oil and gas fields around the world. With volatile prices, and difficult economic times, the theft of product and equipment has opened a new revenue opportunity for CAVU’s client base. CAVU has recently developed a security tower utilizing products currently in use by security professionals in government, critical infrastructure, transportation and other security environments. This has given CAVU access to proven, night vision technology, motion sensor and GPS monitoring security technology. CAVU’s systems will provide long-range night vision solution that captures detailed, natural contrast images in zero light at ranges of up to 3,000 meters, even in foul weather and through tinted glass. Delivered via our proprietary camera and hardware system, CAVU’s security technology is ideal for perimeter security in oil security, government, transportation, critical infrastructure and other secur ity environments. Energy Trading CAVU has recently set up operations in Dallas, Texas for fuel trading and has secured several suppliers for D-2 and JP 54 fuel supplies. Representatives looking for multi ton purchases of these products have approached CAVU, and so we are currently negotiating multiple transactions. With our recent and targeted acquisitions coupled with the proposed wind and co-generation facilities, CAVU may qualify for energy credits. If we do qualify, these credits can be traded in a secondary market that CAVU plans to utilize as an additional revenue stream. 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, and solar farms. Company Officers William C. Robinson, President |
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