CAVR Announces State of the Company With Projected 2009 Revenue of $1,650,000
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Issue# 1816 |
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| CAVR Announces State of the Company With Projected 2009 Revenue of $1,650,000 |
TULSA, OK–(Marketwire – 01/28/10) – CAVU Resources, Inc. (“CAVU”), which trades as (Pinksheets:CAVR
– News
), announces the state of the company with projections of combined operations for 2009 of over $1,650,000 in revenues.
The past year’s operations grew from $150,000 in 2008 revenue to $1,650,000 in 2009 from growth through acquisitions. CAVU’s operating subsidiary Envirotek Fuel Systems, Inc. (“Envirotek”) produced and transported 161,500,000 mcf of natural gas in 2009 creating $535,000 from gas sales and third party gas production. The recent acquisition of additional pipelines and the start of a 10 well development program should quickly add new revenues to Evirotek production numbers.
The FILO Quip Resources, LLC (“FILO”) acquisition has brought new revenues to CAVU. Since FILO restarted its operations in September of 2009 over 3,200 barrels of oil were produced adding another $121,000 of royalty revenue to the combined companies. The recent rework plan and planned commercial disposal well should bring increased production and new revenues in 2010.
The parent company CAVU has focused on acquisitions that produce revenue from drilling, subcontracting and leasing of equipment producing $990,000 in gross revenues. Start up cost, acquisition and development cost have been necessary to build CAVU reducing the bottom line but providing a base for growth in 2010.
CAVU is focusing on projects and acquisitions that bring future value, increased revenues and the opportunity for future profits. Its new operating company CAVU Energy Services, LLC has targeted drilling in both conventional and directional drilling opportunities in the United States and abroad. CAVU’s future growth will target projects that can be funded with conventional borrowing and revenue sharing to reducing the need to issue new equity. By combining conventional funding, increasing production revenue and third party contracting, CAVU can continue to grow in 2010. The company plans to issue its 2009 financials in February and final numbers could vary from the projected numbers released.
“Over $2,000,000 in debt was reduced in 2009 and the company’s losses are estimated to be less than $700,000 for the first year’s operation. CAVU has definitive plans to further reduce cost and focus on acquiring revenue that reduces acquisition cost and provides profitability over the next two years. Since CAVU restructured in April of this year the company has built assets, reduced debt and acquired revenue and acquired projects with potential future growth,” said 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 founders of CAVU Resources 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 three 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., providing natural gas delivery and marketing thru its own pipelines and FILO Quip Resources, LLC, managing the company’s properties and targeted leases in Oklahoma, Texas, 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
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CAVU Resources INC (OTCPK: CAVR) |
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CAVU Resources INC (OTCPK: CAVR) (CAVR)
CAVU Resources – CAVR 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. |
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CAVU Resources Inc.
Phone: 775-888-3174 |
· Magnum Hunter Resources Corporation, formerly Petro Resources Corporation, is an independent oil and gas company engaged in the acquisition, drilling and production of oil and natural gas properties and prospects within the · The Meridian Resource Corporation (
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| Current Projects |
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CAVU Resources, Inc. Restructures Acquisition of FILO Quip Resources, LLC CAVU Resources, Inc. has restructured the original acquisition of Filo Quip Resources, LLC. CAVU assumed the agreement to purchase FILO from a private investment group. The agreement calls for the assumption of specific liabilities and a combination of cash and a 6 month note transaction valued at $700,000 dollars. In the acquisition, CAVU is purchasing a 140 acre lease in The two producing wells were originally drilled in the 1950s to the Bromide formation at about 3,000 feet. The wells were re-entered during the 1990s when companies in the area began testing deeper reservoirs. The wells were then deepened to the Oil Creek formation at about 3,800 feet. The two wells are currently producing a combined 35 to 40 barrels of oil per day (BOPD). CAVU plans to re-enter the other seven wells on the lease and rework them with the possibility of deepening them to the Arbuckle at about 4,000 feet. On the way, the McLish and Oil Creek formations would be tested. Based upon results of the two producers and other wells contiguous to the lease, CAVU anticipates each of the seven wells to have average initial production rates of between 30 to 50 BOPD.
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CAVU Resources, Inc. Announces Acquisition of EnviroTek Fuel Systems, Inc. CAVU Resources, Inc. announced that the Company has acquired EnviroTek Fuel Systems, Inc. (EnviroTek) in a stock purchase agreement. EnviroTek owns a 3,140 acre project in Spread across three townships (or 13 miles), the project contains about 12 producing natural gas wells, 6 shut-in wells awaiting rework or completion in another zone, and about 40 to 50 proven and undeveloped (PUD) locations for new wells. As part of the acquisition, CAVU also has purchased about 35 miles of pipeline that connects the wells and acreage position in this project. This transaction is valued at $500,000. |
| Company Overview |
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CAVU Resources, Inc. (OTC.PK: CAVR) 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. We believe that our company will be the embodiment of its name. CAVU was formed to be a fully self-supported independent energy company which we define as a Company that has enough of its own equipment, services, leases, projects and assets to be able to keep most of the services needed in order to become a successful energy company in-house. In the energy industry, one of the keys to success is being able to get access to field services in a timely and cost effective manner. This usually is only achieved by large companies who can contract services for multi-year contracts or by smaller independents like CAVU, who operate their own field services divisions. CAVUs has assembled a management team with diverse experience in the energy sector ranging from investment bankers to drillers to seasoned energy business professionals. Not only is CAVUs team a top-shelf management team, the Company is also steered by an advisory committee that is comprised of some of the most respected and experienced professionals in our business. With a sound model and an excellent management team, CAVUs founders then began focusing on ensuring that the Companys projects are among the very best available in the country. To that end, CAVU is focusing primarily on oil and gas fields that have been previously developed and abandoned prior to 1980. This strategy reduces risk and the impact of environmental issues usually faced with developing new fields. CAVU has recently acquired leases that have producing oil and gas wells, and plans to start a multi-well drilling program during the second quarter of this year. CAVUs business strategy will be growth through developing proven leases utilizing its core business assets in drilling as well as servicing (reworking and re-conditioning) existing production. The Companys current area of focus includes 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., providing natural gas delivery and marketing thru its own pipelines, FILO Quip Resources, LLC its Oil Operating Company manages the company’s properties and targeted leases in Products & ServicesOil and Gas Production Projects One of CAVUs competitive advantages is its access to top shelf deal flow for projects in areas where major established companies have spent the millions of dollars to take the risk out of finding and proving up an area. Some of our current projects that demonstrate this are the following:
CAVU Energy Services, LLC CAVU recently acquired three drilling rigs and the associated support equipment. The first rig (at right) is rated to 5,500 and has just finished drilling two wells for another company about 40 minutes west of Tulsa, OK, and is currently being rebuilt in Oklahoma. The second and third rigs are air rigs that are rated to 2,000 and are being moved to CAVU has access to seasoned drilling crews both to work its own leases and to lease drilling services on a contract basis. CAVU recently closed a $1.1 million dollar funding with Verilease Finance, LLC for drilling and completion equipment. To receive information about our drilling services, please click here. Energy Trading CAVU has recently set up operations in Possible Future Business Units The company is currently exploring additional opportunities in environmental services that include oil field clean up, disaster clean up, hazardous transportation, emergency response. Company Officers
William C. Robinson, President James Crane, CFO Advisory Board Stephen Johnson Jeff Raley Joseph Grace Marinko Vekovic
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