(31st March, 2011)
TULSA, OK, Mar 31, 2011 (MARKETWIRE via COMTEX) — CAVU Resources, Inc. (”CAVU”), which trades as (pinksheets:CAVR), announces the initial financial results of the company for 2010.
CAVU was able to increase revenues to $2,250,715 for 2010, while completing planned development with much of its production periodically shut down while improvements and upgrades were completed. Revenue on FILO Quip Resources, LLC increased 50% to $236,172 over its 2009 $120,142 results. CAVU has recently completed an equipment upgrade along with new wells planned on its Chisholm Lease over the next 12 months. EnviroTek Fuel Systems, Inc.’s revenues leveled out with new upgrades put on hold because of the pending sale, the 2010 revenue was $522,543 dropping slightly over its 2009 revenue of $588,683. The Parent company CAVU Resources, Inc. completed the sale of non performing assets and a 50% sale of its Chisholm lease bringing in $1,492,000 with an increase over last year’s operations, the combined revenue grew from $2,011,780 in 2009 revenue to $2,250,715 in 2010. This resulted from acquisitions as well as internal growth, reducing net losses to approximately $133,915 compared to $197,000 for 2009. CAVU has grown its total assets from approximately $3,941,900 in 2009 to $5,876,015 million in 2011 with approximately $1.5 million in net assets.
CAVU is focusing on projects and acquisitions that bring future value, increased revenues and the opportunity for future profits. CAVU has sold non producing assets and will focus only on cash flow positive acquisitions. Its operating company CAVU Energy Services, LLC has been contracted to drill a $5 million dollar project in Northeast Oklahoma along with the sale of Envirotek fuel systems inc. for $2.5 million dollars, these transactions will help secure CAVU’s future growth and profitability. CAVU will focus on projects that can be funded with conventional borrowing and revenue sharing to reduce the need to issue new equity, by increasing production revenue and third party contracting; CAVU should enjoy continued growth in 2011. The final numbers could change and the company’s annual report will be released with Pink Sheets at the close of business tomorrow after a final review from accounting and legal counsel.
“With substantial infrastructure costs developing our assets base and new revenue from our own producing oil and gas fields we feel 2011 will be a profitable year. With the recent sale and increased cash flow it is our hopes to be debt free in 2011,” 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 subsidiaries, 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 thru 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. firstname.lastname@example.org CAVR.PK 5147 South Harvard Ave, Suite 138 Tulsa, OK 74135 Tel: 504-722-7402 Fax: 918-782-0776