CAVU Resources Inc., Tulsa, Okla., (Pinksheets: CAVR) plans to acquire a 900-acre and 60-well lease in Nowata County, Okla., from JH Field Service LLC, an Oklahoma limited liability company, for $150,000 in cash and stock. 

The asset, known as the Hogshooter lease, has five zones targeted that could potentially produce both gas and oil. The wells in the area have historically ranged from 600 to 1,200 feet; these shallow wells will allow for a rapid development program. CAVU will install state of the art storage and control systems and use ...