TULSA, Okla., Oct. 20, 2011 /PRNewswire/ -- CAVU Resources,
Inc. ("CAVU"), which trades as OTC:CAVR.PK, announced today that
the company sold its interest in the FILO # 1 Saltwater Disposal
well to the recently spun off CAVU Energy Services, Inc. ("CAVU
Energy"). CAVU Energy issued a short term cash note in the amount
of $425,000 and 3 million common
shares of stock in the company.
CAVU's 6 acre operation site and permitted 50,000 barrel a day
disposal well and the field operations of CAVU's Chisholm lease are
now being operated by CAVU Energy. CAVU Energy is completing the
six month equipment renovation and replacement program on the 190
acre Chisholm lease this month and plans to focus on CAVU's 60 well
Hogshooter lease early next month. CAVU Energy is pursuing
additional opportunities and partners to expand on a multi state
basis its disposal, lease operations, oil field waste
transportation and disposal business.
"CAVU Energy is moving forward to complete it financials and
begin the filing process for the recently approved spin off with
plans to trade on a listed exchange and to meet the minimum pricing
and asset qualification by early 2012 as a separate public company.
This transaction allows the current shareholders of CAVU to
participate in the future growth of CAVU Energy. We continue to
achieve our projections, build shareholder value and expect the
price of the stock to follow as we acquire assets and future
revenue," stated William Robinson,
CEO and 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 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:
Specialty Situations Investor Relations
Tel: 973-507-6199
CAVU Resources, Inc.
CAVR.PK
5147 South Harvard Ave,
Suite 138
Tulsa, OK 74135
Desai V. Robinson, Director of
Public Relations
Email: info@cavu-resources.com
Website: www.cavu-resources.com
Tel: 504-722-7402
Fax: 918-782-0776
SOURCE CAVU Resources, Inc.