CAVU Resources, Inc. (“CAVU”), which trades as OTC:CAVR.PK, entered into a joint venture agreement with Equinox Energy Resources, (“Equinox”) to begin a rework program on the 900 acre and 60 well lease in Nowata County, Oklahoma, known as the Hogshooter Lease.
The agreement calls for Equinox to provide its new pumping system to re-enter the existing wells, utilizing new technology, chemically treating and re-stimulate the wells. The project originally was a water flood project in the area that produced approximately 2,000,000 barrels of oil over a 20 year period.
The Hogshooter Joint Venture plans to re-equip the project and put back into production approximately 40 of the identified oil producing wells with anticipated production being in excess of 100 barrels a day. The Joint Venture has targeted the following zones, the Bartlesville Sand and Wayside Sand for oil.
The Joint Venture plans to begin the second week of November, to install the new equipment, recondition the storage facilities, begin well re-entry and well stimulation applications.
“This agreement utilizes new technology on an undervalued property and with a minimal investment creating the potential to produce over 100 barrels of oil a day. We also have several new wells planned for the site that could double production estimates over the life of the lease. Joint Ventures with Equinox Energy Resources and PPV, Inc. and Projects like the Hogshooter should continue to grow the company’s income and value of CAVU’s stock,” said William C. Robinson, CAVU’s President.
About Equinox Energy Resources
Equinox Resources is an independent oil and gas company with operations in Texas & Louisiana. Equinox is focused primarily on the recovery of shallow oil production utilizing new artificial lift technology. The company has working agreements with industry partners on over 500 wellbores on over 7300 acres in Texas. Our partnership with CAVU Energy Service, Inc. allows us to expand into Oklahoma while maintaining operational efficiencies. Equinox has a close working relationship with Liftek and is currently in negotiations for over 100 production units.
About PPV, Inc.
PPV’s team is unique amongst industrial vacuum, water transportation, water processing and underground infrastructure maintenance companies. In mid 2009 PPV acquired Bravo Environmental a Seattle, Washington based, fifteen year old underground Infrastructure Maintenance Company. Bravo maintains a reputation as “the premier underground infrastructure maintenance company in the Northwest”. PPV then consolidated its existing field service fleet with Bravo’s fleet under the Bravo banner, creating one of the largest vactor truck operators in the region.
PPV also owns and operates a wastewater treatment facility in Portland, Oregon where it processes; industrial generated wastewater and sludge, catch basin (vacuum truck) wastewater and sludge, septage (septic pumper) wastewater and sludge, and commercial grease trap wastewater. Oil recovered from oily wastewater is heated, filtered and dewatered, then recycled back into the reclaimed oil market.
PPV’s combined skill set includes individuals from each of the technical, operational and financial disciplines necessary to properly evaluate, understand and manage the risks, opportunities and challenges present in the design, construction and operation of salt water disposal facilities. More information is available at the company’s website at www.ppvnw.com
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 pilots believed they would have unobstructed flying allowing them to see their targets quicker, identify the obstacles they needed to overcome, giving them a greater chance of success. The founders of CAVU Resources, Inc., 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, Montana and Texas. The Company has acquired leases and is currently exploring additional opportunities in oil and gas leases.
CAVU’s operating subsidiary, CAVU Energy Services, Inc., licensed Oil and Gas Operating Company manages the company’s properties in Oklahoma and plans to operate targeted leases in Kansas, Colorado, Montana and Texas. The company will utilize its own operating equipment and with strategic partners provide contract drilling, fracture stimulation and directional drilling services to oil, natural gas exploration and production companies. CAVU plans to expand operations not only in the traditional Oil and Gas business, but also to invest in technology, waste disposal, Geo-Thermal and Wind, 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.