CAVU Resources, Inc. Reaches Agreements, and Files Amended Nine Month Operating Results
TULSA, Okla., Nov. 30, 2012 /PRNewswire/ -- CAVU Resources, Inc. ("CAVU"), which trades as OTC:CAVR.PK, announced today that amended nine month operating results have been filed and can be viewed at www.otcmarkets.com.
CAVU has reached an Agreement with Energy Revenue America, Inc, which brings current the Note CAVU owns for the sale of Envirotek Fuel Systems, Inc. As a result, this Note has been restructured (with interest and penalties) to the amount of $2,844,040 as of November 20, 2012.
Subsequently, the CAVU note has been restructured as follows:
*exchanged $100,000 of the debt for a 160 acre, 10 well oil and gas property in Kansas
*assigned $500,000 of the Energy Revenue's note with a minimum of $375,000 to be credited against CAVU's outstanding debt with private investors
*accepted a $25,000 payment in November, with monthly payments to CAVU of $100,000 starting December 20, 2012, with the balance due to be paid no later than May 20, 2013
CAVU has also purchased an existing saltwater disposal facility in Southern Kansas and has targeted opportunities in Louisiana and Texas for a partnership in additional saltwater disposal wells.
The Company expects to be making further announcements on other business developments in the very near future.
"We have spent many months working through all the Company's debt issues, developing partnerships and moving our assets into a more productive environment. We have negotiated new proposals allowing for CAVU to be debt free in 2013. The company is moving towards its strongest financial and growth position. Any fears that we were at our end have been eliminated and there is strong appearance we finally are at the beginning of solid, sustainable growth at CAVU. I personally want to thank our shareowners and business partners for their continued support," stated William Robinson, CEO and President of CAVU Resources, Inc.
About CAVU Resources, Inc.
CAVU's Mission is to become 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, Louisiana, Kansas and Texas. The Company has acquired leases and is currently exploring additional opportunities in oil and gas leases. CAVU Energy Services, Inc., a licensed Oil and Gas Operating Company operates the company's properties in Oklahoma with plans to operate targeted leases in Kansas, Louisiana and Texas. CAVU plans to expand operations not only in the traditional Oil and Gas business, but also to invest in technology for water reclamation and saltwater facilities, 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.
SOURCE CAVU Resources, Inc.