(20th October, 2011)
TULSA, Okla., Oct. 20, 2011 /PRNewswire via COMTEX/ — CAVU Resources, Inc. (”CAVU”), which trades as OTC:CAVR.PK, announced today that the company sold its interest in the FILO # 1 Saltwater Disposal well to the recently spun off CAVU Energy Services, Inc. (”CAVU Energy”). CAVU Energy issued a short term cash note in the amount of $425,000 and 3 million common shares of stock in the company.
CAVU’s 6 acre operation site and permitted 50,000 barrel a day disposal well and the field operations of CAVU’s Chisholm lease are now being operated by CAVU Energy. CAVU Energy is completing the six month equipment renovation and replacement program on the 190 acre Chisholm lease this month and plans to focus on CAVU’s 60 well Hogshooter lease early next month. CAVU Energy is pursuing additional opportunities and partners to expand on a multi state basis its disposal, lease operations, oil field waste transportation and disposal business.
“CAVU Energy is moving forward to complete it financials and begin the filing process for the recently approved spin off with plans to trade on a listed exchange and to meet the minimum pricing and asset qualification by early 2012 as a separate public company. This transaction allows the current shareholders of CAVU to participate in the future growth of CAVU Energy. We continue to achieve our projections, build shareholder value and expect the price of the stock to follow as we acquire assets and future revenue,” stated William Robinson, CEO and 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 has acquired leases and is currently exploring additional opportunities in oil and gas leases.
CAVU’s operating subsidiary, CAVU Energy Services, Inc., licensed Oil and Gas Operating Company manages the company’s properties in Oklahoma and plans to operate targeted leases in Kansas, Colorado, Montana and Texas. The company will utilize its own operating equipment and with strategic partners provide contract drilling, fracture stimulation and directional drilling services to oil, natural gas exploration and production companies. CAVU plans to expand operations not only in the traditional Oil and Gas business, but also to invest in technology, waste disposal, Geo-Thermal and 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.
Specialty Situations Investor RelationsTel: 973-507-6199
CAVU Resources, Inc.CAVR.PK5147 South Harvard Ave,Suite 138Tulsa, OK 74135Desai V. Robinson, Director of Public RelationsEmail: firstname.lastname@example.orgWebsite: www.cavu-resources.comTel : 504-722-7402Fax: 918-782-0776
SOURCE CAVU Resources, Inc.
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