TULSA, Okla., Oct. 24, 2011 /PRNewswire/ -- CAVU Resources,
Inc. ("CAVU"), which trades as (OTC: CAVR), 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.
Contacts:
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Specialty Situations Investor
Relations
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Tel: 973-507-6199
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CAVR.PK
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CAVU Resources,
Inc.
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PPV, Inc.
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5147 South Harvard Ave, STE
138
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4927 NW Front
Avenue
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Tulsa, OK 74135
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Portland, Oregon
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Desai V. Robinson, Director of
Public Relations
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Joseph Thuney,
President
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Email:
info@cavu-resources.com
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jthuney@ppvinc.com
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Website:
www.cavu-resources.com
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www.ppvinc.com
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Tel: 504-722-7402
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(503) 261-9800
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Fax: 918-782-0776
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(503 261-9900
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SOURCE CAVU Resources, Inc.