TULSA, Okla., June 3, 2011 /PRNewswire/ -- CAVU Resources, Inc.
("CAVU"), which trades as OTC:CAVR.PK, today announced the company
has entered into a modified agreement with Energy Revenue America,
LLC, a Texas limited liability
company, ("Energy") to purchase 100% of the outstanding shares of
EnviroTek Fuel Systems, Inc., ("EnviroTek") and has closed the
transaction.
CAVU has sold 539 shares of common stock of EnviroTek for
$2.5 million in cash and notes.
The sale represents one hundred percent (100%) of the
authorized and outstanding common stock of EnviroTek. The
sale includes the acquisition of the EnviroTek's Pipeline, all
related leases, assets and liabilities. EnviroTek's existing
contracts and all operating personnel will remain place and will
not change as a result of the acquisition.
"This is the first step in a focused effort to only buy
producing Oil properties, and initiate the spinoff of CAVU Energy
Services, LLC including the waste disposal, trucking and designate
assets into a listed entity and dividend ownership to our
shareholders. This transaction eliminated over $800,000 of Debt on CAVU's consolidate
financials, With this closed we can complete the first
quarter financials along with foot noted subsequent events to give
our shareholders a realistic view of CAVU's current financial
position," 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
SOURCE CAVU Resources, Inc.