CAVU Resources, Inc. Announces $2 Million in Revenue for Initial 2009 Annual Financial Results
April 19 2010 - 8:05AM
Marketwired
CAVU Resources, Inc. ("CAVU"), which trades as (PINKSHEETS: CAVR),
announces the initial financial results of the company.
The past year's operations grew from $150,000 in 2008 revenue to
$2,011,780 in 2009 from acquisitions as well as internal growth
providing net losses of approximately $197,000. CAVU has grown its
total assets from approximately $653,000 to $4.8 million with
approximately $1.2 million in net assets. The recently acquired
100% owned subsidiaries FILO Quip Resources, LLC ("FILO") and
Envirotek Fuel Systems, Inc. ("Envirotek") produced and transported
approximately 161,500,000 mcf of natural gas and 3,200 barrels of
oil in 2009 creating over $400,000 of revenue from gas sales and
oil sales. The recent acquisition of an additional pipeline and the
start of well rework and development programs should add new
revenues to CAVU's wholly owned subsidiaries.
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 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 focus on projects that can be funded with
conventional borrowing and revenue sharing to reducing the need to
issue new equity. By increasing production revenue and third party
contracting, CAVU should enjoy continued growth in 2010. The final
numbers could change and the company's annual report and the
planned annual meeting date will be released with Pink Sheets after
final review from auditors and legal counsel.
"With the high initial start up and infrastructure costs behind
us, new revenue from our own producing oil and gas fields should
provide the company with positive cash flow in 2010. We are also
quickly paying down the company debt increasing CAVU's net worth
creating a strong asset base to work from," 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 flight would be easier, the target quickly visible
and the chance of success greater. 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. 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. info@cavu-resources.com 2533 N.
Carson St. Suite 4116 Carson City, NV 89706 Tel: 775-888-3174 Fax:
775-883-2384 Cell: 504-722-7402
CAVU Resources (PK) (USOTC:CAVR)
Historical Stock Chart
From Jun 2024 to Jul 2024
CAVU Resources (PK) (USOTC:CAVR)
Historical Stock Chart
From Jul 2023 to Jul 2024