CAVU News
CAVU Resources, Inc. Announces The Acquisition Of A New Saltwater Disposal Site And Cancels Its Application In Garvin County.
2012-09-04 12:52 ET - News Release
TULSA, Okla., Sept. 4, 2012 /PRNewswire/ -- CAVU Resources, Inc. ("CAVU"), which trades as OTC: CAVR.PK, announced today that the owners and management of FILO SWDW#1 LP, ("FILO") in which CAVU has approximately 40% ownership, has acquired a new disposal location. The economic and logistical advantages to this new location eliminate the need for the commercial disposal well in Garvin County.
FILO has requested that CAVU Energy Services, Inc. ("CAVU Energy") the operator withdraw its application for the well. CAVU Energy is also withdrawing the application for the 30,000 barrel a day private disposal well to focus on the opportunities in Kansas. The citizens of Garvin County raised many issues as to location of the well, economics and potential taxpayer liabilities. While the company believes it completely answered the issues of citizens, it believes that the leaders of the protesters – Mr. Joe Menefee and Mr. Ian Ogilvie - are trying to protect their family legacy, livelihood, and the safety of citizens of Garvin County and call attention to what they believe to be a threat to their water supply. The Garvin county commissioner, Mr. John Mann, also showed great concern to protect his constituents with his statements on the $1.3 million dollar estimated obligations that FILO may assume relating to the pre-use upgrade of the county roads and possible increased insurance and bonding cost that was brought up that would have further reduced the estimated economic returns to FILO.
In the Oklahoma Corporation Commission hearing, the operator of the well, CAVU Energy showed the safety features, automated controls and multiple protection dikes that would have reduced any environmental threat and flood danger to a minimum. Professional witnesses agreed that the design and voluntary monitoring sensors, containment safety features and proposed air, earthquake and water monitoring were all in excess of any requirement set forth by the Oklahoma Corporation Commission for approval of its application.
