CAVU Resources, Inc. Announces $2.2 Million in Revenue for Initial 2010 Annual Financial Results
01 April 2011 - 7:36AM
Marketwired
CAVU Resources, Inc. ("CAVU"), which trades as (PINKSHEETS: CAVR),
announces the initial financial results of the company for 2010.
CAVU was able to increase revenues to $2,250,715 for 2010, while
completing planned development with much of its production
periodically shut down while improvements and upgrades were
completed. Revenue on FILO Quip Resources, LLC increased 50% to
$236,172 over its 2009 $120,142 results. CAVU has recently
completed an equipment upgrade along with new wells planned on its
Chisholm Lease over the next 12 months. EnviroTek Fuel Systems,
Inc.'s revenues leveled out with new upgrades put on hold because
of the pending sale, the 2010 revenue was $522,543 dropping
slightly over its 2009 revenue of $588,683. The Parent company CAVU
Resources, Inc. completed the sale of non performing assets and a
50% sale of its Chisholm lease bringing in $1,492,000 with an
increase over last year's operations, the combined revenue grew
from $2,011,780 in 2009 revenue to $2,250,715 in 2010. This
resulted from acquisitions as well as internal growth, reducing net
losses to approximately $133,915 compared to $197,000 for 2009.
CAVU has grown its total assets from approximately $3,941,900 in
2009 to $5,876,015 million in 2011 with approximately $1.5 million
in net assets.
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 operating company CAVU Energy Services,
LLC has been contracted to drill a $5 million dollar project in
Northeast Oklahoma along with the sale of Envirotek fuel systems
inc. for $2.5 million dollars, these transactions will help secure
CAVU's future growth and profitability. CAVU will focus on projects
that can be funded with conventional borrowing and revenue sharing
to reduce the need to issue new equity, by increasing production
revenue and third party contracting; CAVU should enjoy continued
growth in 2011. The final numbers could change and the company's
annual report will be released with Pink Sheets at the close of
business tomorrow after a final review from accounting and legal
counsel.
"With substantial infrastructure costs developing our assets
base and new revenue from our own producing oil and gas fields we
feel 2011 will be a profitable year. With the recent sale and
increased cash flow it is our hopes to be debt free in 2011,"
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
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 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 and 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
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