CAVU Resources, Inc. reports $750,000 in net income for the first three months of 2012
TULSA, Okla., June 20, 2012 /PRNewswire/ -- CAVU Resources, Inc. ("CAVU"), which trades as OTC:CAVR.PK, announce today that the company filed its first three months 2012 financials with www.otcmarkets.com and will move back to OTC Pink Current Information.
During the quarter ended March 31, 2012, CAVU had a net operating gain totaled $750,590. All of the Company's revenues during this period were derived from the sales of the Company's gas and oil revenues and the sale of investment equipment and related services performed.
As of March 31, 2012, the Company had current assets of $4,841,458 and total assets of $8,015,085 compared to $6,791,165 for Quarter ending March 31, 2011. At March 31, 2012, the Company had total liabilities of $ 2,584,959. For the quarter ended March 31, 2012 general and administrative expenses totaled $699,842 compared to the quarter ended March 31, 2011 which such expenses totaled $722,626.
"In the last 12 months we have increased our assets by $1,223,920 and reduced our debt by $466,287. We feel the balance of 2012 will be focused on continuing to reduce debt and getting all of our leases into production.
We are targeting new sources of non dilutive financing and revenue sharing investments. With the current outstanding frozen and the Series A shares locked to voting with the majority of the shareholders, our share price should begin to stabilize and move up to the true value of the company. The last 12 months were spent acquiring assets and improving our properties slowing production as work was completed causing a drop in revenue.
With the balance of 2012 on track we continue to work the long range plan moving CAVU towards an income producing model, with growing revenues and planned annual dividends to its shareholders," 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 minority owned 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, solar 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.
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SOURCE CAVU Resources, Inc.