TULSA, Okla., Aug. 16, 2012 /PRNewswire/ -- CAVU Resources, Inc. ("CAVU"), which trades as OTC:CAVR.PK, announce today that the company filed its six month 2012 financials with www.otcmarkets.com.
During the six months ended June 30, 2012, the Company had $1,738,703 in revenues compared to $1,600,638 for the six months ended June, 2011. During the quarter ended June 30, 2012, net operating gain totaled $1,156,521 compared to net operating gain for the quarter ended June 30, 2011 of $1,600,638.
All of the Company's revenues during these two periods were derived from the sales of the Company's gas and oil revenues and the sale of investment equipment, assets and related services performed. For the six months ended June 30, 2012 general and administrative expenses totaled $823,646 compared to the six months ended June 30, 2011 which such expenses totaled $722,626. As of June 30, 2012, the Company had current assets of $4,386,981 and total assets of $8,489,405. At June 30, 2012, the Company had total liabilities of $2,596,933.
CAVU has focused on the last three years acquiring assets that have the ability to produce revenues. CAVU has reduced a majority of the debt associated with these assets. We now are 100% focused on generating profits for our shareholders.
On the Hogshooter we have a proposal for a partnership funding the will pay off notes and provide non dilutive development capital that could produce up to 200 barrels a day on this lease.
CAVU has a $1.2 private placement on the Chisholm lease for reworking all nine wells that could produce up to 200 barrels day. We have also targeted two new wells that would be drilled from accumulated revenue that easily double that projection.
We are exploring acquisitions in target development areas that would allow us to acquire existing production and partner on high volume wells in areas targeted for future drilling programs.
Our partnership in CAVU Global Energy, LLC has several funding proposal that would allow both additional joint ventures and development of the Texas, Oklahoma and Louisiana properties.
As the projects are finalized a more detailed report and projections will be disclosed, with updates to follow next week. We plan to have our shareholders meeting this year in Tulsa sometime in the early fall with dates to be announced later. This Tulsa is central to all of the assets we have built up over the last 3 years with planned tour for the visiting shareholders.
"We continue to follow our plan for 2012, reduce debt, from partnerships to develop the assets we own and acquire additional income and growth properties. We expect 2013 will be our breakout year," 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.
Specialty Situations Investor Relations
SOURCE CAVU Resources, Inc.