(24th October, 2011)
TULSA, Okla., Oct. 24, 2011 /PRNewswire via COMTEX/ — CAVU Resources, Inc. (”CAVU”), which trades as CAVR -11.11% , announced today that its operating subsidiary CAVU Energy Services, Inc., reached agreement with PPV, Inc. to form a joint operating company and to raise up to $5.5 million to acquire or build and operate oil and gas produced Salt Water Disposal Facilities.
The new partnership has targeted specific opportunities in the oil and gas business focusing primarily on the development of a Salt Water Disposal Facility (SWDF) known as Filo SWDW #1 in Garvin County, and acquiring other related operating opportunities in mid-south-central Oklahoma. The partnership believes that this SWDF should be developed in order to take advantage of an anticipated demand for additional salt water disposal infrastructure in the immediate area. The operator CAVU Energy recently acquired land and facilities centrally located within a prolific oil producing region and has also obtained a permit from the State of Oklahoma to develop the SWDF rated to a capacity of 50,000 barrels per day, which upon completion will make it the largest such facility in the county.
The partner in the new operating company PPV, Inc. (PPV) has a long history in providing waste water related services in the Northwest region of the United States. PPV is a Portland, Oregon based corporation engaged in the environmental service industry. “Environmental services has become a significant industry in the United States and the world. Fresh water is one of our nations life sustaining resources. This resource is, and remains under serious threat of contamination. It has long been known that contaminated surface water is, if not the greatest, contributing factor in contaminating our fresh water lakes, streams and rivers. Regulations continue to be imposed to protect this most valuable resource which continues to fuel the market for environmental services, namely pertaining to wastewater, sludge and oil recovery,” stated Joseph Thuney, President of PPV, Inc.
“This new partnership brings the financial strength and vast expertise of PPV to accelerate the growth of CAVU Energy. The structure of this transaction brings both expertise and the ability to raise capital without dilution to the CAVU shareholders. We are excited about this relationship and to move this new business forward,” stated William Robinson, CEO and President of CAVU Resources, Inc.
About PPV, Inc.
PPV’s team is unique amongst industrial vacuum, water transportation, water processing and underground infrastructure maintenance companies. In mid 2009 PPV acquired Bravo Environmental a Seattle, Washington based, fifteen year old underground Infrastructure Maintenance Company. Bravo maintains a reputation as “the premier underground infrastructure maintenance company in the Northwest”. PPV then consolidated its existing field service fleet with Bravo’s fleet under the Bravo banner, creating one of the largest vactor truck operators in the region.
PPV also owns and operates a wastewater treatment facility in Portland, Oregon where it processes; industrial generated wastewater and sludge, catch basin (vacuum truck) wastewater and sludge, septage (septic pumper) wastewater and sludge, and commercial grease trap wastewater. Oil recovered from oily wastewater is heated, filtered and dewatered, then recycled back into the reclaimed oil market.
PPV’s combined skill set includes individuals from each of the technical, operational and financial disciplines necessary to properly evaluate, understand and manage the risks, opportunities and challenges present in the design, construction and operation of salt water disposal facilities. More information is available at the company’s website at www.ppvinc.com
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 Relations
CAVU Resources, Inc. PPV, Inc.
5147 South Harvard Ave, STE 138 4927 NW Front Avenue
Tulsa, OK 74135 Portland, Oregon
Desai V. Robinson, Director of PR Joseph Thuney, President
Email: email@example.com firstname.lastname@example.org
www.cavu-resources.com Tel: 504-722-7402 (503) 261-9800
Fax: 918-782-0776 (503 261-9900
SOURCE CAVU Resources, Inc.