(21st March, 2011)
TULSA, OK, Mar 21, 2011 (MARKETWIRE via COMTEX) — CAVU Resources, Inc. (”CAVU”), which trades as (pinksheets:CAVR) today announced the company has entered into an agreement with Energy Revenue America, LLC, a Texas limited liability, (”Energy”) to purchase 100% of the outstanding shares of Envirotek Fuel Systems, Inc., (”Envirotek”).
CAVU will sell 539 shares of common stock of Envirotek for $ 2.1 million in cash and $400,000 of stock in Energy’s newly restructured company. The sale represents one hundred percent (100%) of the authorized and outstanding common stock of the Envirotek. The sale includes the acquisition of the Envirotek’s Pipeline and all related leases and assets. Energy has also agreed to enter into an agreement with CAVU’s subsidiary, CAVU Energy Services, LLC to manage, rework and drill 100 wells on Envirotek’s existing 3100 acres of oil and gas leases. Envirotek’s existing contracts and all operating personnel will remain place and will not change as a result of the acquisition. This transaction calls for a June 1, 2011 closing.
“This sale allows CAVU to focus on new acquisitions, its existing oil and gas properties and continue to participate in the growth of Envirotek in the Future. This is the best of all scenarios. CAVU will also be able to pay down CAVU’s existing debt, settle any outstanding issues and invest its own funds in targeted projects like Envirotek, which can insure our future growth,” said William C. Robinson, CAVU’s President.
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 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, 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