ESP Resources, Inc. reported that the company has concluded equipment upgrade operations on four wells located in Oklahoma. The company has also commenced supplying chemicals and oil services to these four wells.
The four wells are located on the Chisholm Lease in Garvin County, Oklahoma, and are owned by CAVU Resources, Inc. The Chisholm Lease is approximately 290 square miles in size and has over ninety wells.
ESP Resources said that CAVU Resources, Inc. controls 190 acres and nine wells on the Chisholm Lease and plans to eventually conduct similar services on these wells. The company said that an additional ninety shut in wells are nearby on a 3,000 acre area.
ESP Resources is experiencing excellent growth in its oil services business and projects that revenue here will exceed $9 million over the next twelve months. The company’s products are used to inject chemicals into oil and gas wells during the hydraulic fracturing operation.
ESP Resources has three chemical pumping units in operation and another two units under construction. These two units will be in operation by the fourth quarter of 2011. Each pumping unit consists of a pumping unit mounted on a trailer, a power source, chemical supplies and other related equipment.
For more information on the company, go to www.espchem.com
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