CAVU Resources, Inc. Announces Highest Monthly Revenue and Production From Chisholm Lease Since Acquisition
TULSA, Okla., Jan. 18, 2012 /PRNewswire/ — CAVU Resources, Inc. (CAVR:PINKSHEETS), announced today that its Chisholm Lease in Pauls Valley Oklahoma produced 1,363 barrels of Oil with $117,729 of gross revenues for the month of December from the Chisholm B 2 and the Nabors 1, the only wells currently in production on the lease.
We believe this increased and continuous production we are receiving is from the recent chemical stimulation and chemical management system installed by ESP Resources, Inc. (OTCBB: ESPI). To expand on the recent success, CAVU plans to move and install the $1.3 million in saltwater treatment and disposal equipment it acquired in Arkansas at the new 50,000 barrels a day facility planned for Pauls Valley. Once the well is completed, this will allow increased production and further expansion of the Chisholm Lease. For more information on this acquisition check out the following link, http://journalrecord.com/2012/01/16/cavu-resources-wins-bid-for-saltwater-waste-disposal-equipment-energy/
“Based upon Chisholm Lease results and our recently implemented chemical stimulation programs, we are right on target to add the same program to the balance of the wells on the Chisholm Lease and hit the production targets of between 100-120 BOPD. The stimulus program included our block-buster oil well cleanup system, paraffin control emulsifiers and acid injections systems,” stated David Dugas, CEO of ESP Resources, Inc.
“We have built in the infrastructure to rework and develop a total of eleven wells that have each the potential to duplicate or exceed existing projected lease production. With completion of the 50,000 barrel a day Saltwater Disposal Facility we can begin the completion process on the balance of the existing and new wells,” said William C. Robinson, President of CAVU Resources, Inc.
About ESP Resources, Inc.:
ESP Resources, Inc. is a publicly-traded (OTC Bulletin Board: ESPI.OB) oil and gas services company offering analytical services and essential custom-blended oil and gas well chemicals which improve production yields and overall efficiencies. Through its wholly owned subsidiary, ESP Petrochemicals, Inc., the Company distributes its product line throughout the oil and gas producing regions of Louisiana, Texas, Mississippi, Alabama, Arkansas and Oklahoma. The Company also distributes internationally though oil and gas service companies in other prolific oil and gas well regions throughout the world. 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. 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.
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.
Specialty Situations Investor Relations
David Dugas, President
ESP Resources, Inc.
Tel: (337) 706-7056
SOURCE CAVU Resources, Inc.