CAVU Resources, Inc. Files 2010 Annual Report With Pinksheets.com
April 04 2011 - 8:34AM
Marketwired
CAVU Resources, Inc. ("CAVU"), which trades as (PINKSHEETS: CAVR)
announce today that pinksheets.com filed CAVU's annual report and
exhibits after the company was unable to access its secured site
with pinksheets on Friday.
The past years operations grew from $2,011,780 in 2009 revenue
to $2,250,715 in 2010 from the reworking of its existing
properties. This plan allows the company to make new acquisitions
and have cash flow to sustain the company during this growth
period. CAVU's losses shrank to approximately $133,000 with profits
targeted for 2011. CAVU has grown its total assets from
approximately $3.8 to $5.8 million with approximately $1.5 million
in net assets. The recently acquired 100% owned subsidiaries --
FILO Quip Resources, LLC and Envirotek Fuel Systems, Inc. --
produced and transported approximately 120,870 mcf of natural gas
and over 6,000 barrels of oil in 2010 creating approximately
$755,000 of revenue from gas and oil sales.
CAVU is just completing its massive rework of the 190 acre
Chisholm Lease. CAVU plans to start a similar rework program on the
60 well Hogshooter lease the Company acquired in Nowata, Oklahoma.
The Company plans to work simultaneously on its leases and begin
the recently announced 100 well drilling program early this summer.
With this recent acquisition and the long term drilling program in
place the Company believes that new revenues and production should
quickly surpass last year's totals.
CAVU is focusing on projects and acquisitions that bring future
value, increased revenues and new opportunity. Its wholly owned
operating company, CAVU Energy Services, LLC, has targeted
opportunities in both conventional and directional drilling in the
Midwest United States. CAVU should continue to enjoy continued
growth in 2011.
"The decked is already stacked with the sale of Envirotek Fuel
Systems, Inc, and the two year drilling program. We should continue
to see growth over 2010's revenue this year," stated William
Robinson, President of CAVU Resources, Inc.
About CAVU Resources, Inc. During World
War II, Navy fighter pilots would look up at the sky and if it was
a "CAVU" day then it meant ceiling and visibility unlimited. The
pilots believed they would have unobstructed flying allowing them
to see their targets quicker, identify the obstacles they needed to
overcome, giving them a greater chance of success. The founders of
CAVU Resources, Inc. chose the name CAVU because they believe that
the company will be the embodiment of its name.
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, Kansas, Colorado, Montana and Texas. The
Company also owns two pipelines in its area of operations, which
will be used for gathering its gas and oil and the gas and oil
production of other producers. The Company has acquired leases and
is currently exploring additional opportunities in oil, gas and
helium leases. The company has acquired significant oil and gas
equipment including rigs, trucks and completion equipment.
CAVU's 100% owned subsidiary, CAVU Energy Services, LLC,
provides contract drilling, fracture stimulation and directional
drilling services to oil, natural gas exploration and production
companies. EnviroTek Fuel Systems, Inc. provides natural gas
delivery and marketing through its own pipelines and FILO quip
Resources, LLC, a licensed Oil and Gas Operating Company, manages
the company's properties and leases in Oklahoma, Colorado and
Montana. CAVU plans to expand operations not only in the
traditional Oil and Gas business, but also to invest in
Geo-Thermal, Wind, taking advantage of the changing environment and
in the world's need for new, green and innovative resources. 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.
Contact: CAVU Resources, Inc. info@cavu-resources.com CAVR.PK
5147 South Harvard Ave. Suite 138 Tulsa, OK 74135 Tel: 504-722-7402
Fax: 918-782-0776
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