TULSA, Okla., March 22, 2012 /PRNewswire/ -- CAVU Resources, Inc. ("CAVU"), which trades as OTC:CAVR.PK, announced today that it won a bid to clean up the recently closed state of the art Saltwater Disposal facility in Greenbrier, Arkansas and that CAVU also won the bid for the approximately $1.3 million in operating equipment. To meet State and Federal EPA compliance rules the facility had to be cleaned and have all hazards removed. CAVU bid $144,000 to the federal bankruptcy courts and won the bid.
The removal of the hazardous fluids has been completed and all of the equipment cleaned and removed for shipment back to Oklahoma. CAVU has had personnel on site for the last two weeks and the first shipments of equipment are headed for Oklahoma. CAVU has recently expanded its existing facilities at the Chisholm Lease in Pauls Valley, Oklahoma, where the 50,000 barrel a day FILO SWDW #1 disposal well is under construction. CAVU plans to incorporate some of the acquired equipment into its existing operating system and to immediately have the capabilities to process up to 25,000 barrels a day until the New Facility is completed. This will allow commercial operations and revenue to begin immediately upon completion of the FILO Saltwater Disposal well, increasing operations to the full capacity of 50,000 barrels a day once the state of the art new facility is completed.
"Winning the recent bid to clean the site allowed us to accelerate the moving of the equipment back to Oklahoma. This project also helped us to build good relations with the environmental authorities for any future business in Arkansas. Opportunities like these continue to add to our growing revenues, supporting our efforts to seek conventional funding for our existing projects moving forward eliminating the need to sell equity to fund them," stated William Robinson, CEO 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, 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.