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Nah, it was more the need to talk about st0cks on this thread to keep us here! Although, ubrg did have a nice 'little' bounce 2day, LOL!
see that, right back to that .0065 to .0066 line again, volume about the old volume level we used to see by noon when the west coast came in. It's going to be either word of mouth or a PR to get the notice. The company MyBad mentioned, did a PR, but they probably paid for that pump site too, I didn't look further. One of the newbies told me that some of those sites that talk down a stock, do so because they could not get the company/stock to pay for a pump, so they deliberately screw them with an analysis. I trust this person, not be feeding me nonsense.
Gave up being on line for a while, weather front settled in, I use landline, safer, but Verizon loses money due to the union workers (sorry Unionman4U LOL), they're fine on the wireless side of the house. I've seen a couple times in the newspaper about how the VZ employees get their hours in by making trouble calls. Seems they deliberately tamper by the reports, especially when they go on strike, figuring all the supervisors that would fill in during strike could not cover all the problems. (Hope our Unionman is not VZ, LOL) Anyway, I kept losing connection this morning, aggravating, phone is a bit static so it's moisture down the line somewhere, probably giving someone else around here problems and they keep messing with the whole line. Let's see if I can manage to stay on line now.
point? Financials released by a $70 million company different than our $1 million net profit that is in arrears minimally by $225K. LOL. Was that the point or was it the contract with only the progas company, nothing about the other?
There up but not as much as I thought they would be...day is young.
that's what cavr needs apparently, yield sign disappearing hasn't done much yet
Hi J,
I'll stick an info section in the ibox for you (in a little while).
Take a quick look at UBRG's PR today.
MB
Wow Willy, if AAPL is to lead the market higher, wish they'd hurry up, what do they need, a starter pistol? LOL.
that was a good info thing to post here Willy-
It takes three to five business days for an attorney letter to be processed when it is posted.
Maybe we need still need to add a "fact" box to ibox, for a Tip of the Day and other Tidbits thing, since we can only have 4 stickies, there's where I threw the other stuff while we got started here.
Always is. We have all learned to read very carefully. Big Bluffs will always hurt in the end. Yes, wait and see, we all have patience.
GM J,
PM) I've known very few who can pull off a good bluff, I guess it's a wait 'n see.
Gotta run some errands, C ya L8R.
MB
•Jun crude oil prices this morning are down 51 cents and Jun gasoline is slightly higher by +0.08 cents. Crude oil prices on Tuesday closed up $1.29 but gasoline closed down -2.75 cents. Crude oil prices were supported by Monday night's news that the China's April manufacturing purchasing managers index (PMI) rose by 0.2 point to a 13-month high of 53.3, although the report was weaker than market expectations of +0.5 to 53.6. Crude oil prices were also supported by yesterday's news that the U.S. ISM manufacturing index showed an unexpected 1.4 point increase to a 1-year high of 54.4, indicating stronger U.S. economic growth and fuel demand. However, the market is cautious going into today's weekly DOE report, which is expected to show a rise in crude oil inventories to a new 21-year high. Gasoline prices were undercut yesterday by confirmation that Delta Airlines will buy ConocoPhillip’s Trainer refinery near Philadelphia, thus ensuring the refinery will remain in op eration and will continue to supply petroleum products in the Northeastern U.S.
Thanks JAWS, especially for taking the time to post both threads. We appreciate that beyond belief. I'm betting we make and end of day, somewhere north of a penny. I'm hoping he takes some real feeling for investors and let it be able to stay above there.
I know, but now that the YIELD is gone, anyone waiting in the wings might jump in now. I hope he does not print for a while, he should see after the bell, to leave it alone for a week or so at least, LOL. I'm guessing he'll do a PR like he did last year, crowing about being current, draw attention. He released the financial Sept, which justified the shareholder meeting, and the dilution started November. Fingers crossed that we get 60 days without dilution again, but I'm not going to hold my breath, or Moody will not be our only Blue one. He has that Verilease arrears thing that has me biting my nails to the nub. Surge never said a word about arrears either,(IMO, otherwise he would have remembered it) then they slammed him with the lawsuit for a Xmas present.
laundry works, it doesn't have to be sheets. Makes it easier for T-shirt with oil rig graphics.
j, you write:
Wasn't too up, but up is up. very light volume. We seem to have one day breaks like this lately.
It takes Billy's printing press a day to produce 4 million certs..so we get a day off, a day sell, a day off...etc. etc.
Hey J,
I'm having trouble finding a picture of 'sheets' that I can work with... but I have an idea using hanging Tshirts, whatcha think?
You are such a Clown. LOL. Oops, Wait, that's what my old stalker used for what was one of the things he called the RAM MODs, but he didn't mean it in the good sense, maybe no one took him to the circus when he was a kid.
Wasn't too up, but up is up. very light volume. We seem to have one day breaks like this lately.
OMG! OMG!
Oooohh.... the pressure!!!
What on earth did I get myself into... OOOoohhhh NOOOoooo!
.
.
.
.
.
Just kidding... LOL!
I'm no graphic artist, I just like keeping busy, this may take me a few days; you know you can't rush greatness!!! ...ROFLMAO!!
Oh, Gee, we closed UP today... Go CAVR!!
Yeah, like a dummy, I boxed up all my software in anticipation of selling the house, 2 years later......no clue which box it's in, in the same house, unsold. Only software left out is in case the system hard drive crashes and I have to replace the basics.
that's thinking outside the box, good thought there MB.
put it in, let's check out your artwork.
Hi Moody,
you can have it if I can find the right clipart/photos to work with! It will all have to be photo-shopped together.
MB
can we have oilrigs on the sheets?
J, I also found a neat pic that is a shot looking straight up to sky, while in the middle of several rigs. You don't see anything but tops of rigs and blue sky. I thought it was good on its own... multi rigs = multi st0cks = multi conversations. Just a thought.
MB
ahh nuts, neither stock I bought today has an existing thread. Hate that.
let's check with the gang. I'm more for laundry hanging in front with background of rigs. Majority rules, or the artist does, one of the two. LOL. Just having good times here, enjoying the company.
Hi J,
Got us some decent rig photos. We joked about hanging laundry, do you want to go in that direction, if so, I can hang laundry off of the rigs, or do you have something else in mind that you want to see in the ibox? If you do, then... "splain it to me Lucy!
Got thru a few $$. Geez this gets hard. Decided to snag a couple monthly divie stocks: Atlantic Power, pays better than 7.5 annual, on a monthly basis, very consistant, and another oil trust, fluctuates, but stays about $.14-$.15 payout a month per share, better than 8.6% year, costs under $21 per share for it.
Hubbie happy now til he gets hungry. Want supper. LOL.
How'd you make out? You hitting the Coreldraw? Where's the toothbrush going?
Ok J,
You look for st0cks... I'll look for graphics!
MB
that would work (oil rigs) I was just looking for some on line, lots have "no free pic" on them, was about to try another that was in a Minnesota newspaper that the disclaimer would go with, no pay for it, but it wasn't great, was picture taken in Cuba of laundry across some mansion or something, was about abandoned sites if it wasn't for the laundry hanging. But hubbie is bugging me to get back to finding some stocks to buy, work, work, work...
J,
Thanks!
Do you have a picture of laundry 'in the wind' that you want me to use, or should I find one?
.... maybe I could stick a coupla oil rigs in the background, whatcha think?
What's different? LMAO. Just kidding, you did a great laundry job there, MB, whose toothbrush did you use? Oh, I got a great graphic idea to go with the "motto". Sheets drying on a clothesline flapping in the wind. If my Avatar symbol wasn't so readily recognizable thruout IHUB, like McDyver's, I think I would change it to that, I'm nothing but a laundry air-er-out-ter.
Interesting story, J,
I've often wondered what to use to get out 'stains!'
That musta been a heck of a laundry day...LOL!
BTW, check the ibox, I've cleaned it up a bit.
MB
New story, not "girls only" but not a joke either. Shows how precarious it can be on IHub.
Halcon Resources used to be RAM RESOURCES. I think I saw them first in Motley Fool, but whatever the case, it shows initially that even the high fee "read our newsletters and make money" can always be wrong, because the stock tanked. When I got in, it was $2.25, a few months later it was under a $1 and about to lose it's AMEX status, it needed to get at least back above a buck and stay there, blah, blah, probation. (Now it's $10, but with a reverse split).
Anyway, at some point I started posting on the RAM thread, including articles and DD. It was a low amount of posters, still is.
Apparently, it had both a MOD and an Assist MOD, because they had one of those nut jobs posting, calling it a piece of anal stain. He was always posting as a "new message" vs. a reply, figuring no one would see it til too late to remove. So the two paired up to try to police the thread. Wasn't so much what he said, he ranted and referred to investors/posters as Clowns, always a personal attack thrown in. He started that long before I started posting there. Once the MODs got familiar enough with me, they asked if I would become a third set of eyes, knowing what it was for, accepted.
He never managed to get past us ever again with his personal attacks, but it got old fast. One day I suggested we all just TOS him instead of deleting ourselves. It worked. Wasn't even 3 days later, he got limited posting, still would use his "one post/day" for an attack, got banned from posting there altogether in a heartbeat.
The sigh of relief did not last long, he took his revenge by checking our profiles, and posting on other boards we moderated, always the "low traffic" ones. Same thing, personal attacks mixed in with crude remarks about RAM. Fortunately, I suspected such a thing would happen, checked his profile every morning for new postings anywhere. Sure Enough, he was all over IHub, catching him and I complained to ADMIN in the TOS complaint block for each TOS button I hit, (and the other MODs did too) that the guy was stalking each of us. Within 2 weeks, he was PERMANENTLY BANNED from IHUB, INCLUDING his ISP, so he could NOT come back under a new registration e-mail address, and we have never been bothered by him again.
THE END
Sorry guys, had physical therapy this morning, back now, unless becuz it makes me so wrung out and exhausted that I have to take catnap later.
Thought there was a shot YIELD gone by noon, wrong again. It's a shame people are frightened after posting that it will be taken as negative.
GM, happy to oblige, J...
PM) You are assuming of course, that such a story would be understood by the intended, in the first place. That, like the stock price, could go either way!
MB
someone thought differently, one's a goner
Love how they shake the tree til they can find someone to say "they're worried"
looks like the financial media is trying to manipulate us into a bad market day, big friggin deal quoting some bank president in San Francisco:
•Jun crude oil prices this morning are trading -31 cents a barrel and Jun gasoline is down 3.45 cents per gallon on the weaker-than-expected Chinese ISM manufacturing index and on expectations for another rise in crude oil inventories in Wednesday's DOE report. Crude oil and gasoline prices on Monday retreated after contraction in Q1 Spain GDP put its economy into recession for the second time in 3 years while U.S. growth concerns were heightened after the Apr Chicago PMI fell more than expected to its weakest pace of growth in 29 months: CLM12 -0.06, RBM2 -1.99. Jun crude posted a 1-1/2 week high, but erased its advance and closed lower. Other negative factors included the weaker-than-expected Mar German retail sales and comments from San Francisco Fed President Williams who said he's "very worried" about the risk that the European debt crisis may worsen, which may crimp global growth and energy demand.
that will rustle some feathers, lol
nice posting/laugh to start the day, MYBAD. Good that it was just RAINCO forum issues, just had me thinking possibly more was involved since the post cited a third company.
Johnsyn,
I believe the CAVR/UBRG connection is only Rainco.
If I know why a chill exists, and I feel there's a logical reason, then I don't worry about it.
As long as the company is doing what is asked for by the DTC, then, like with ANY other bureaucratic government "STAIN", you just have to wait. So with UBRG... I wait.
MB
You really hit on something J... that stain thing can apply to SOOOoo many people/places/things/companies/groups & organizations..... love it! ROFLMAO - AGAIN!
Now this is just plain sick what the nation has come to with the class warfare that someone started with Tax the Rich speeches pretty soon it won't be just a ban on backpacks, skip the diaper bags and purses:
UPDATE 1-Dissident shareholders want access to BofA meeting
* 99% Power groups says Wells Fargo excluded shareholders
* Group wants to meet with CEO before May 9 meeting
* Activists targeting shareholder meetings this spring
(Adds details about extra security for meeting)
By Rick Rothacker
April 30 (Reuters) - An activist group is urging Bank of America Corp to allow all shareholders to enter next week's annual meeting, after Wells Fargo & Co excluded attendees who disagreed with the bank's business practices.
The group, called 99% Power, sent a letter on Monday to Bank of America Chief Executive Brian Moynihan asking to meet with him by Friday May 4 to ensure the meeting room is large enough and that shareholders are allowed to designate a proxy to attend on their behalf. The activists said they will have legal and citizen rights observers on hand for the meeting, on May 9 in Charlotte, North Carolina, site of Bank of America's headquarters.
"It is vital that legitimate shareholder rights be respected," leaders of the group wrote in the letter to Moynihan.
Bank of America spokesman Scott Silvestri declined to comment.
Last week, more than 500 protesters marched to the site of Wells Fargo's annual meeting in San Francisco to express anger over foreclosures, executive compensation and corporate taxes. Wells gave preferential treatment to some shareholders, while excluding others who had waited hours to enter, 99% Power said in a news release on Monday.
Some protesters did make it inside the meeting, where they interrupted CEO John Stumpf's remarks multiple times. Stumpf called them out of order, and a total of 14 were removed from the meeting and arrested.
Wells Fargo spokesman Oscar Suris said the company did its best to accommodate as many shareholders as possible.
"For safety reasons, we could not overlook the fact that several groups had made it a very public objective to shut down (last week's) meeting," Suris said.
Looking to build on the Occupy Wall Street movement, 99% Power -- a reference to those not among the top 1 percent of earners -- has said it is targeting corporate shareholder meetings to express concerns about economic disparity in the United States. Last week, nearly 100 protesters disrupted General Electric Co's shareholder meeting, held a day after Wells Fargo's.
The group said protesters at the Bank of America meeting will urge the company, the second-largest U.S. bank, to do more to help struggling borrowers avoid foreclosure, pay more in taxes, stop supporting coal-based energy projects and pledge to keep corporate money out of elections.
Security will be tighter than at past meetings after Charlotte's city manager on Monday declared Bank of America's shareholder meeting an "extraordinary event" under an ordinance passed in January to help officials handle protests expected in the city during the Democratic National Convention in September. The ordinance allows the city to ban certain items, ranging from backpacks to crowbars, at large events.
A "significant number" of demonstrators are expected to attend the Bank of America meeting, the city said in a news release. The city manager also designated Duke Energy Corp's shareholder meeting on Thursday May 3 in Charlotte as an extraordinary event.
(Reporting By Rick Rothacker in Charlotte, North Carolina; Editing by Leslie Gevirtz and Steve Orlofsky)
((rick.rothacker@thomsonreuters.com; +1 704 998 2504; Reuters Messaging: rick.rothacker.reuters.com@reuters.net))
Keywords: BANKOFAMERICA/MEETING
Wow. You can stocktalk, Girl. LOL.
I didn't see a response to you on CAVR about what links the two. Guess I was also right about thinking I had seen UBRG being on DTCC bad boy list.
I have DTCC alerts all over my startup internet page, so I go thru all the DTCC notices before I do anything else, including the changes to "chill".
Nothing wrong with that, it's your buyout play anyway. Analysts by the bucketloads these days say play the bigboy stocks like a pennystock. But it all comes out in the wash the same, Last year when the market tanked, I dumped a lot of top stocks like Exxon and Chevron, and mid-priced stocks. Probably I did better that way overall, but some I should have just sat on them. So even though I came out better than even, it's the same gamble as if (dare I say it) flip (GASP!) a pennystock. I paid dearly for doing that with Exxon and PPG, they did not go down. Sometimes it is a mistake and they don't dive for a long time, so each to their own, don't listen to the analysts, they're nothing but sock puppets, trying to make themselves look like they're the smartest of them all. Just like Mad Kramer, guy hadn't had a good year for several years, so he makes his money on showboating. Shorters appear to be his biggest followers. Ride their money on the spike that happens if he mentions a specific stock, just like any pennystock pump.
Ok J, stock talk it is!
Superior's filings are late, whats new, so I'm waiting on that, I feel pretty comfortable with the co. they've been looking like they're getting their act together after loosing the founder; I know that takes time... I got time!
UBRG is another one I've been following, that's why I was suprised to find it linked to CAVR outside of Rainco. They got that 'chill' slapped on them a while ago after giving a 1 time dividend in the form of shares, to sh's of date. They sh!t-canned their accountant who wasn't performing timely, and got in a new one who has been working on cleaning up the financials and bringing them up to date; hopefully, removal of the 'chill' will follow. They, like CAVR, have a 'minority' advantage.
MB
It's doing ok, I'm in @ .0172, HOD=.0195, EOD=.0190.
If I were a day trader, I could've made a few K's since I bought in, but I'm nearly always long term on anything I buy.
How'd Superior Oil do? I haven't looked
Potty mouth? I've been known to swear like a sailor (regularly), so it's good to have something that I can use around kids! Yes, good story.
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Assistants Willy Moody blues |
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http://www.otcmarkets.com/financialReportViewer?symbol=CAVR&id=78571
...have the rights associated with them defined. One million shares of the 11,000,000 shares of preferred stock have been designated as Series A Preferred Stock. One million shares of the Series A Preferred have been issued. The rights for the Series A Preferred Stock are defined in a Certificate of Designation the Company filed with the Nevada Secretary of State on April 24, 2009. A summary of those rights is as follows:
(i) Dividend Rights. The Series A Preferred Stock is not entitled to receive dividends.
(ii) Voting Rights. The Holders of Series A Preferred Stock shall be entitled to vote with the Common Stock as if their shares were converted into shares of Common Stock at a ratio of 1000 shares of Common Stock for each one full share of Series A Preferred Stock (the "Voting Rate"). The Holders of shares of the Series A Preferred shall be entitled to vote on all matters on which the Common Stock shall be entitled to vote.
(iii) Conversion Rights. The Series A Preferred Stock can be converted by a resolution of the Board of Directors of the Corporation. Upon conversion, each share of Series A Preferred Stock will automatically be converted into one hundred (100) shares of Common Stock of the Corporation on the date of such occurrence. In addition to the shares of Common Stock a Holder will receive in the event of a conversion of the Series A Preferred Stock, the Holders of Series A Preferred Stock shall be entitled to receive, out of the assets of the Corporation, cash in an amount equal to $10.00 for each one (1) share of Series A Preferred Stock (as adjusted for stock splits, combinations, reorganizations and the like) held by such Holder.
(iv) Liquidation Preference. In the event of any liquidation, dissolution or winding up of the affairs of the Corporation, either voluntarily or involuntarily, the entire remaining assets, if any, of the Corporation available for distribution to stockholders shall be distributed to the holders of Common Stock pro rata, treating each share of Series A Preferred Stock as if it were a single share of Common Stock.
Number of shares or total amount of the securities outstanding for each class of securities authorized
*The company has ordered the NOBO list for disclosure
The Company is authorized to issue preferred shares.
3
Item III. FINANCIAL STATEMENTS.
CAVU RESOURCES, INC.
2011 2010
ASSETS (Unaudited) (Unaudited)
TOTAL ASSETS $ 6,919,350 5,876,015
LIABILITIES & SHAREHOLDERS' EQUITY (DEFICIT)
TOTAL LIABILITIES 3,133,604 4,305,159
Commitments & Contingencies (Note 10)
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY (DEFICIT) $ 6,919,350 5,876,015
NOTE 2 - BASIS OF PRESENTATION
NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Marketable Securities
Revenue Recognition
The Company records revenues when the following fundamental criteria are met: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price to the customer is fixed or determinable and (iv) collection of the resulting receivable is reasonably assured. Revenues are recorded in accordance with Staff Accounting Bulletin ("SAB") No. 104, as issued by the United States Securities and Exchange Commission ("SAB 104"), the Company is still contemplating various business plans but anticipates recognizing revenues in 2010 and 2011. The Company negotiates contracts with its customers, which may include revenue arrangements with multiple deliverables, as outlined by Emerging Issues Task Force No. 00-21 ("EITF 00-21"). The Company's accounting policies are defined such that each deliverable under a contract is accounted for separately. Historically, the Company has not enteredinto contracts with its customers that provided for multiple deliverables.
NOTE 3 - GOING CONCERN
The Company's financial statements have been prepared on a going concern basis, which contemplates continuity of operations, realization of assets and liquidation of liabilities in the normal course of business. The Company had net earnings of $1,124,143 during the twelve months ended December 31, 2011. (This does not match page F-2)This is first profitable year the company hashad since inception and the ability of the Company to operate as a going concern depends upon its ability to obtain outside sources of working capital in the near future. Management is aware of these requirements and is undertaking specific measures to address these liquidity concerns. Notwithstanding the foregoing, there can be no assurance that the Company will be successful in obtaining financing, that it will have sufficient funds to execute its business plan or that it will generate positive operating results. The financial statements do not include any adjustments relating to the recoverability and classification of asset carrying amounts or the amount and classification of liabilities that might result should the Company be unable to continue as a going concern.
NOTE 4 - NOTE RECEIVABLE
In June of 2011 the Company sold its operating subsidiary Envirotek Fuel Systems, Inc. for $2,500,000 with a down payment of $300,000 and a note of $2,200,000. The Company has recently restructured this note with interest and penalties and expects to start receiving $100,000 a month until paid or until the buyers are able to recapitalize their company. The company also sold the 6.2 acres of land, the building, the rights and all of the processing equipment for the saltwater disposal facility to be built in Pauls Valley Oklahoma for $1,500,000. The company expects to be paid for this purchase by the fourth quarter of 2012.
NOTE 5 - DRILLING EQUIPMENT
Property and equipment consisted of the following:
DECEMBER 31, 2011 DECEMBER 31, 2010
8
23. On December 15, 2009 and January 20, 2010, the company has received $50,000 each respectfully for a total of $100,000 of a $5,000,000 private placement being offered by CAVU Resources One, LP (the Partnership) is seeking aggregate capital contributions (Capital Contributions) of $5,000,000 million from the sale of 100 units (the Units) of the Partnership. Each Unit will consist of one interest in the Partnership and 50,000 shares of restricted common stock of CAVU Resources Inc., a Nevada corporation. The price per Unit is $50,000, payable in full in cash at the time of subscription. This offering will not break escrow unless the minimum amount of $50,000 has been raised. (was raised as per 1st sentence) The offering period is November 15, 2009 through December 31, 2010. (was amended to extend thru December 31, 2011 as in final sentence) The Partnership will be managed by CAVU Resources, Inc. (the General Partner).
Now here's the kicker:
The profits will be pay out 100% to the Limited partner until theinvestment is returned, than all future profits will be split 75% to the Limited Partner and 25% to the General partner. The General Partner will receive a 5% management fee. The partnership was amended to extend thru December 31, 2011.
Now jump to item 26
24. On January 8, 2010 the Company entered into a note with Ayuda Funding Group, LLC in the amount of $385,000 at 15% interest, the note became due in April of 2010, this retired the original note made by Ayuda for $100,000.In connection with this new note the Company agreed to pay a royalty on it oil and gas lease owned by Envirotek Fuel Systems, Inc. in the amount of 7.5% of its net revenue or a minimum of $7,500 a month. The Company negotiated a forbearance agreement with Ayuda in February, 2011 and the company had agreed to make payments of $75,000 starting in March. The Companys renegotiated this loan and has been making lump sum payments and will continue to do so until this debt is satisfied.
25. On January 8, 2010 the Company settled the outstanding note against the Envirotek Fuel Systems, Inc. purchase for $250,000.
26. On January 15, 2010 the company received $95,000 as a fee from the sale of units of its $5,000,000 506 Red D Private Placement for CAVU Resources One, LP. The company issued 100,000 shares at a value of $5,000as part of this transaction this company has now merged with FILO Quip Resources, Inc. recently renamed CAVU Energy Services, Inc.
27. On January 7, 2009, before the acquisition on April 24, 2009, the Company entered into five and three year leases with Verilease Finance, Inc. for drilling and oil field equipment in the amount of $800,000 and $285,362, respectively. The monthly payments for these leases began on June 15, 2009 and were for interest-only amount of $5,846 in total. As of November 15, 2009, the monthly payments for each lease will be for $17,812 and $4,100 respectively. The Company has proposed a purchase of the equipment leased canceling these terms and is negotiating a settlement. The equipment was sold and the lease was settled for $344,700.00with payments of $25,000 a month beginning May 15, 2011.
28.On January 15, 2009, before the merger on April 24, 2009, CAVU Resources, Inc.entered into a convertible demand promissory note with Energy Group of America, Inc. for $400,000, in connection with the purchase of drilling equipment. The convertible demand promissory note is due in full on September 12, 2009 and carries interest at an annualized rate of 8%. Energy Group of America, Inc. was also granted conversion rights to convert negotiated amounts of the convertible demand promissory note at any time and at a negotiated conversion price per share of the Company's common stock. On December 14, 2009, February 2, 2010 and June 24, 2010, Energy Group of America, Inc. elected to convert a portion of its debt into shares of the Company's common stock. In October 2010, Energy Group agreed to settle the outstanding balance $393,559.28 and cancel any outstanding an agreement for $150,000. The company has continued to make payment reducing this debt.
29. On January 28, 2010 the Company entered into an agreement to purchase the Alexander oil and gas lease and a pipeline in Pecos Texas for $2,400,000. This agreement has expired.
30.On January 21, 2010 and February 5, 2010 the entered into a convertible debenture agreement with Tripod Group, LLC, they advanced $55,000 and $51,250 respectively to the Company. In March 2010, a private group of investors purchased the 12,266,668 shares held as security shares from Tripod and paid the notes in full.
31.On February 2, 2010 the Company sold to a private investor 1,000,000 common shares for $20,000. ($.02)
32.On February 16, 2011 the company entered into a consulting agreement with Resources Unlimited NW, LLC, to provide Michael Sheikh as the CFO of the company. Mr. Sheikh was paid 2,000,000 shares of common stock valued at $20,000. ($.01)
33.In June of 2009, a consultant engaged by CAVU Resources, Inc. entered into an agreement with Cade Drilling, LLC to drill a well in Colorado. Unknown to the management of CAVU at the time, the well was drilled and the funds advanced to the consultant to pay for the services were only partially applied. The well was completed and the Drilling contractor and associated suppliers that were owed funds filed an action in Colorado against Company. The Company was not notified in a timely fashion and a default judgment was entered against the Company on March 2, 2010. The Company has begun negotiations to settle this claim and believes terms favorable to the Company will be agreed to. (Have we REALLY been negotiating since March 2 two years ago????)
34. On March 19, 2010 the Company sold to a private investor 1,000,000 common shares for $50,000 ($.05)
35.On April 22, 2010 the Company amended its Article to reduce the number of shares authorized from 600,000,000 to 200,000,000.
36.On May 24, 2010 the Company entered into an agreement to sell 50% of its Chisholm lease and entered into a non interest bearing note and mortgaged against its 30 acre facility in Tulsa, Oklahoma for $250,000 with GT Energy, LLC for the completion for the Chisholm Lease purchase. G T Energy was issued 250,000 and 2,000,000 shares of the Company's common stock as part of the transaction additional consideration was $41,250.00. The Company will be paid $1,100,000 as additional consideration from the production revenue. (ITEM 22, PG 17- THIS 30-ACREAGE he bought from his own holdings for $100,000.00 Dec 31, 2009)
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