CAVU Resources, Inc. Engages ESP Resources, Inc. to Increase Well Production on Three Stimulus Projects
13 April 2011 - 8:30PM
Marketwired
CAVU Resources, Inc. ("CAVU"), which trades as (PINKSHEETS: CAVR),
announced today the engagement of ESP Resources, Inc. (OTCBB: ESPI)
("ESP Resources"), a manufacturer, blender, distributor, and
marketer of specialty chemicals and analytical services to the oil
and gas industry, to begin supplying chemicals and field services
for three of CAVU's major projects located in Garvin and Nowata
Counties in Oklahoma.
- Located in an area that stretches from Paul's Valley to the
Texas/Oklahoma state line and covers approximately 290 square
miles, the Chisholm Lease Project contains over 90 wells. CAVU
currently owns 190 acres with 9 existing wells and plans to
eventually work its way through the area consisting of more than
3,000 acres and 90 additional shut-in wells. CAVU's plans are to
acquire, rework and systematically put back into production the
targeted wells. CAVU currently has 4 producing and 5 oil wells
being reworked on the Chisholm Lease Project that will be treated
by ESP Resources.
- Located in Nowata, Oklahoma, the Hogshooter Lease covers 900
acres and currently has 60 wells that CAVU plans to re-equip for
production and which will require ESP Resources' chemical supplies
and services.
- Also located in Nowata, OK, is a 3,100 acre project containing
90 natural gas wells that will be reworked and treated by ESP
Resources.
"Several of our senior field technicians are currently
collecting field samples and evaluating all of the wells in the
CAVU operating area. We will conduct a thorough evaluation of each
well and will provide CAVU with a stimulus chemical program that
should result in substantial increases in well productivity from
the CAVU oil and gas wells," stated David Dugas, CEO of ESP
Resources, Inc. "The stimulus program will include our block buster
oil well cleanup system and our foamer technology to improve well
productivity in the CAVU gas wells. We have utilized our chemical
stimulation technology on numerous oil and gas wells with similar
producing profiles as the CAVU wells and have achieved substantial
increases in the oil and gas production from the stimulated wells.
We anticipate the same results with the CAVU wells," Mr. Dugas
stated further.
"Based on ESP Resources' historical performance of increasing
productivity from natural gas wells by 20 to 50%, oil wells such as
ours by 20 to 200% and their continued success with their chemical
supply programs, we are anxious to begin work with their team. I am
excited about the prospects of this collaboration given that the
re-entry process for these wells necessitates a level of chemical
expertise and service that will maximize our production and return
on investment," stated William C. Robinson, CEO of CAVU.
About ESP Resources,
Inc. (http://www.espchem.com/)
ESP Resources, Inc. is a publicly-traded petrochemical company
(OTCBB: ESPI) headquartered in Scott, LA. Through its wholly owned
subsidiary, ESP Petrochemicals, Inc., the Company manufactures,
blends, distributes and markets specialty chemicals and analytical
services to the oil and gas industry. ESP Resources supplies retail
and wholesale specialty chemicals for a variety of oil field
applications including production, drilling, waste remediation,
cleaning, and waste water treatment. From its blending and
distribution facilities, the Company distributes its product line
throughout the oil and gas producing regions of Louisiana, Texas,
Mississippi, Alabama, Arkansas and Oklahoma, both onshore and
offshore. The wholesale division of the Company supplies specialty
chemicals to several retailers operating in West Africa. The
Company's senior management has over 100 years of combined
operating experience in the petrochemical industry. More
information is available on the Company's Website at
www.espchem.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.
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. CAVU 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.
CAVU 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. It has acquired leases and is
currently exploring additional opportunities in oil, gas and helium
leases and has also 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., provides natural gas delivery and marketing thru its
own pipelines and FILO quip Resources, LLC a licensed Oil and Gas
Operating Company manages the company's properties and leases in
Oklahoma, 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, 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.
Legal Notice Regarding Forward-Looking Statements:
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Statements in this news
release that are not historical facts are forward-looking
statements that are subject to risks and uncertainties.
Forward-looking statements are based on current facts and analyses
and other information that are based on forecasts of future
results, estimates of amounts not yet determined and assumptions of
management. Forward-looking statements are generally, but not
always, identified by the words "expects," "plans," "anticipates,"
"believes," "intends," "estimates," "projects," "aims,"
"potential," "goal," "objective," "prospective," and similar
expressions or that events or conditions "will," "would," "may,"
"can," "could" or "should" occur. Information concerning oil or
natural gas reserve estimates may also be deemed to be
forward-looking statements, as it constitutes a prediction of what
might be found to be present when and if a project is actually
developed. Actual results may differ materially from those
currently anticipated due to a number of factors beyond the
reasonable control of the Company. It is important to note that
actual outcomes and actual results could differ materially from
those in such forward-looking statements.
Readers are cautioned not to place undue reliance on the
forward-looking statements made in this press release. 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. In evaluating
these statements, you should consider the risks discussed, from
time to time, in the reports we file with the U.S. Securities &
Exchange Commission. For a discussion of some of the risks and
important factors that could affect the Company's future results
and financial condition, see the Company's Form 10-Ks and 10-Qs on
file with the U.S. Securities & Exchange Commission.
Contact: CAVU Resources, Inc. (CAVR.PK) 5147 South Harvard Ave,
Suite 138 Tulsa, OK 74135 Email: info@cavu-resources.com Website:
www.cavu-resources.com Tel: (504) 722-7402 Fax: (918) 782-0776
David Dugas President ESP Resources, Inc. david.dugas@espchem.com
Tel: (337) 706-7056
CAVU Resources (PK) (USOTC:CAVR)
Historical Stock Chart
From Jun 2024 to Jul 2024
CAVU Resources (PK) (USOTC:CAVR)
Historical Stock Chart
From Jul 2023 to Jul 2024