CAVU Resources, Inc. Announces 2012 Financial Results
TULSA, Okla., April 2, 2013 /PRNewswire/ -- CAVU Resources, Inc. (CAVU) which trades as (OTC Pink: CAVR) announced earnings for the year ended December 31, 2012 of $.0019 per share, fully diluted. Earnings for the year ended December 31, 2011 were $.01 per share, which were enhanced by a much larger gain on sale of equipment. Net Sales Revenue was $734,168 versus $627,148 in 2011. To view the filings go to www.otcmarkets.com.
CAVU CEO, Louis Silver stated, "2012 was a year of operational and corporate development in which CAVU disposed of assets that are not consistent with our core focus, executed on our plan to begin re-working more of our wells to allow for greater revenue generation, renegotiated and terminated business arrangements that were not working for the benefit of our shareholders, and cleaned up our balance sheet."
Silver, who became CEO in January, 2013 further commented, "Consistent with our strategic plan to optimize shareholder returns from the company's productive assets, we terminated the Joint Venture Agreement with CAVU Global, for contractual reasons. We believe that the company's prospects are improved by maximizing our options available to develop our assets in the most flexible manner. We are executing on plans to develop our properties, negotiating with potential investors in order to accelerate growth, and proceeding in an appropriately managed and judicious manner. We are happy with our progress in strengthening our balance sheet. Accounts payable were reduced by $519,000, notes payable, by $1,137,000, and shareholder's equity was increased by $1.8 million, to $5.6 million. As our revenues increase this year from adding more wells to production, we are hopeful of becoming a debt-free company by year-end."
About CAVU Resources, Inc.
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 and Louisiana. CAVU's operating subsidiary, CAVU Energy Services, Inc., licensed Oil and Gas Operating Company manages the company's properties in Oklahoma with plans to operate targeted leases in Kansas, Texas and Louisiana. 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.
SOURCE CAVU Resources, Inc.