CAVU Resources, Inc. Sells Envirotek Fuel Systems, Inc. for $2,400,000
21 March 2011 - 9:00PM
Marketwired
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. info@cavu-resources.com CAVR.PK
5147 South Harvard Ave, Suite 138 Tulsa, OK 74135 Tel: 504-722-7402
Fax: 918-782-0776
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