Producing Oil on CAVU Resources' Chisholm Lease
(firmenpresse) - TULSA, OK -- (Marketwired) -- 07/26/13 -- CAVU Resources, Inc. (OTC Pink: CAVR) today announced it is producing oil again on the Chisholm lease.
Two wells have been in operation 24/7 for nearly a week and have been producing oil at a rate of approximately 25 barrels per day. This production rate has been slowly increasing every day. Though this rate is below our projections, we have purposely been running the pumps at 1/2 the maximum operating level to test the system and prevent any damage to the wells and equipment. Once we get the third well into operation we plan to gradually increase the pump speeds to achieve the optimum operating flow rate. We are very happy with how the project is performing now at this consistent flow rate. Billy Robinson, CAVU President, stated, "This level of production, if maintained for the next 12 months, after royalties and taxes, should produce approximately $1/2 million in annual cash flow for the 88% owned CAVU Resources Two, LP. We have dealt with weather, delayed equipment and contractor delivery and operations to complete the replacement of old equipment that was idle for nearly a year. We believe we did things right and the project is proving to be more effective with lower maintenance and operating costs than it previously operated at."
CAVU CEO Louis Silver offered, "We have been addressing the opportunities and issues that face CAVU in a diligent manner, and we will have more to say in subsequent releases. We are building production and cash flow. As we continue to seek new revenue producing opportunities, our next area of focus will be some targeted production acquisitions and the FILO SWDW project development in Kansas."
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Datum: 26.07.2013 - 14:04 Uhr
Sprache: Deutsch
News-ID 282186
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TULSA, OK
Kategorie:
Oil & Gas
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"Producing Oil on CAVU Resources' Chisholm Lease"
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