TULSA, Okla., March 26, 2013 /PRNewswire/ -- CAVU Resources, Inc. (CAVU) which trades as OTC PINK: CAVR, announced significant progress in bringing on production at its Chisholm Field in Garvin County, OK. Five wells have been reworked with new equipment on order and completion scheduled over the next six weeks. The company also announced that it began drawing down on its new Equipment credit line paying off existing equipment purchases and ordering additional new equipment.
President and COO William Robinson stated that they will begin pumping operations at its second well sometime next week. "This will bring production from the project up to an estimated 39 barrels of oil per day. In the very near future we will complete the re-entry and preparation work on two more wells, as part of our ongoing plan to re-build production and revenues from this field. We are estimating that the remaining wells to be reworked will bring in an additional 100 barrels day in production."
About CAVU Resources, Inc.
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, Texas, Kansas and Louisiana. CAVU's operating subsidiary, CAVU Energy Services, Inc., licensed Oil and Gas Operating Company manages the company's properties in Oklahoma with plans to operate targeted leases in Texas, Kansas and Louisiana. 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.