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nasdaq.com has changed it's site, not sure if it is there on it anymore. I did not get jump to that part of their site, but this article has good leads on fact or fiction:
http://www.thestreet.com/story/10345483/1/how-do-i-find-short-interest-for-a-stock.html
hard to say, the short interest for Mar 30th does not match OTCMARKETS.COM. http://www.otcmarkets.com/stock/CAVR/short-sales But I can believe more than 70% of Activity on April 10th were shorts, that was financial PR day. Definitely some ugly numbers in that site's figures. I've seen a number of short sales site links on IHub before, maybe I can rattle my brain and remember where the links were and we can do a comparison.
any fact to this or just fiction?
http://otcshortreport.com/cavr
good pennystock spam/scam article: http://www.fool.com/investing/general/2012/04/17/this-is-what-a-penny-stock-spam-email-looks-like.aspx
Since MPO does not have a thread (yet), will provide additional info here. http://www.forbes.com/sites/tomtaulli/2012/04/20/interview-midstates-petroleum-ceo-john-crum/?feed=rss_entrepreneurs
UPDATE 2-Midstates Petroleum makes modest debut
* Shares open 2 pct above IPO price
* Offering priced at $13/share
(Adds analyst comments, background)
By Ashutosh Pandey 02:40 PM 04/20/12(Reuters) - Midstates Petroleum Co Inc's (MPO) shares opened marginally above their offer price, capping a week that saw the U.S. IPO market recovering with three impressive debuts.
The IPO market has been marked by poor pricing, pulled deals and delayed offerings in recent months. IPOs accounted for 11.3 percent of equity capital markets activity in the first quarter, down from 20.6 percent a year earlier, according to Thomson Reuters data.
This week's IPOs signaled a turnaround with shares of business technology companies Splunk Inc and Infoblox Inc as well as luxury bag maker Tumi Holdings Inc soaring on their first trading day.
Midstates shares opened 2 percent above their IPO price. The company had priced its offering at $13 per share, significantly below its expected range of $16 to $18.
Oil and gas companies have found it difficult to attract investors on their debut trading days. Of the 19 energy companies that have gone public in the last year, only Oiltanking Partners opened more than 10 percent above the IPO price.
SandRidge Energy's unit, SandRidge Mississippian Trust II , which also went public this week, opened 4 percent above the offer price.
"Oil & gas companies are extremely risky...they are exposed to geopolitical conditions, to volatility of fuel prices... This makes investors wary," said Scott Sweet, senior managing partner at IPO Boutique.
Houston-based Midstates Petroleum offered 18 million shares and the selling stockholders the remaining 6 million.
Private investment firm First Reserve cut its stake in the company to 47 percent from 77 percent.
Midstates Petroleum focuses on oilfields in Louisiana that were discovered by major oil companies in the 1940s and 1950s, but left under-developed because of low oil prices, the adoption of a state-level severance tax and other regulatory hurdles.
The company's average daily production has grown to 7,499 barrels of oil equivalent per day in 2011 from 995 in 2008.
It has drilled 57 gross wells, 93 percent of which are in commercial production, in the same period. The company expects to drill 67 wells this year.
Midstates' 2011 revenue more than tripled to $209.4 million from 2010. It reported net income of $16.7 million, compared with a loss of $15.6 million in 2010.
Shares of the company were trading up 15 percent at $14.95 on the New York Stock Exchange.
(Reporting by Ashutosh Pandey and Eileen Anupa Soreng in Bangalore; Editing by Supriya Kurane and Don Sebastian)
((eileen.soreng@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5919; Reuters messaging: eileen.soreng.thomsonreuters.com@reuters.net))
Keywords: MIDSTATESPETROLEUM/
Natural Gas Game Changer: The U.S. Paves Way for Sabine Pass
By James Baldwin, Contributing Writer /Money Morning
Last week, natural gas prices fell below $2 per 1,000 cubic feet for the first time in a decade. Let's talk about what that means for you, as an investor.
The oversupply of natural gas continues to swell thanks to breakthrough technologies in fracking and horizontal drilling that "unlocked" this huge swath of energy. Tack on that local U.S. demand has been limited by an unseasonably warm winter, and you get the unsurprising dip in gas prices.
Meanwhile, in Europe, prices are near $11 for the same quantity, and $14 in South Korea, an important hub to the Asia-Pacific markets.
But with no (legal) way to export liquefied natural gas (LNG) from the Lower 48 to these energy-starved markets, there's no opportunity to remove the heavy glut of gas, much of which has been consigned to storage all across the country.
Well, that's going to change over the long term, with a groundbreaking moment coming in July.
Meanwhile applications for seven other exporting facilities throughout the U.S. are pending.
Should the FERC approve them all, the United States could end up exporting one-fifth of its current natural gas production. And given what we've seen in other commodity markets, a shift in the market-demand curve will transpire... in a big way.
This would be another major step in a reversal for the natural gas prices over the next few years.
A Slow, Steady Process
Prices are not going to double overnight.
And we're still witnessing a slowdown in wellhead production as natural gas producers shelve drilling around the country. Every week we're hearing on CNBC that prices are finally "bottoming out," only to see them decline another 15% to 25%.
Step back and look at the big picture. Think four years out.
Natural gas is fast becoming a central cog in a larger part of our energy structure. Demand is expected to rise significantly, all around the world in the coming decade.
My reply from Superior:
"We have not ceased operations. We are working hard to increase profitability. We will make announcements when we are able.
Jnk"
Asked when they would do financials, guess that answered my question, it'll be once they're profitable?????
Lol - just taking a vacation, spending time with Family and seeing some friends. I sure am looking to see some positives with CAVR though! :)
yes, even the main guy still seems to still buy. But you should recognize a lot of names. That's where the majority of the newbies came from, not from reading the PR on SUN. The main guy had called Billy and had a chat right after the PR came out, thought Billy was on the up & up.
i see they still mention CAVR on the P&D board
at least Superior seems to have some operations going on, a Joe N. Kenan responded to my inquiry about the company getting current on a Saturday. Though he didn't know what the heck I was talking about. LOL.
Maybe he's related to the retired Naval Officer on the exec board.
At the rate Chesapeake getting in trouble, maybe Superior will buy them out. LOL. I don't think CHK will recover anytime soon with this latest revelation. Not the first time it had been revealed, investors forgot about it.
Oh, there it is, he tried to speculate-
Chesapeake Energy Needs a New CEO
The trigger for my paean to Ronald Reagan is news that Chesapeake Energy (NYSE: CHK) CEO and co-founder Aubrey McClendon has been caught with his hand in the corporate cookie jar yet again. This time, some investigative sleuthing by Reuters has uncovered $1.1 billion in personal loans that McClendon has taken out over the past three years to speculate on Chesapeake natural gas wells.
Under Chesapeake's Founder Well Participation Program (FWPP) (pp. 60-62), McClendon is granted the right to purchase up to a 2.5% interest in all wells Chesapeake drills in a given calendar year. In exchange for receiving 2.5% of oil & natural gas revenues, he must pay 2.5% of all development and drilling costs. Based on the company's most recent proxy statement, McClendon has lost about $316 million on the FWPP over the past 3 ¼ years, but the loss may be temporary since revenues are spread out over many years whereas costs are front-loaded.
While McClendon's participation in the FWPP was well-known, analysts up to now had thought that McClendon was using his own money to buy the well interests. In fact, it now turns out that McClendon has been buying the Chesapeake well interests with the money of one of Chesapeake's largest lenders. When Reuters confronted Chesapeake's general counsel Henry Hood and CEO McClendon about McClendon's $1.1 billion in previously undisclosed loans, the responses were dismissive:
Hood: "Any loans are Mr. McClendon's personal business and not appropriate for review or monitoring by the company or public comment.”
McClendon: "I do not believe this is material to Chesapeake. There are no covenants or obligations in my loan documents or mortgages that bind Chesapeake in any way.”
Forbes Magazine characterizes these dismissive comments by Chesapeake's management as "not only disingenuous but borderline delusional.” Many law professors and attorneys are concerned about McClendon's conflicts of interest because one of McClendon's largest lenders ($500 million) is private equity firm EIG Global Equity Partners – which is also one of Chesapeake's largest financers. Just a couple of weeks ago, EIG invested hundreds of millions of dollars in a special class of Chesapeake preferred stock (6% interest rate) and royalty interests tied to wells located in Oklahoma. This is on top of a similar financing arrangement between Chesapeake and EIG last December in Ohio's Utica shale region at an even more attractive 7% interest rate plus royalties.
Analysts are worried about two major conflicts of interest:
1.If McClendon has difficulty paying back his loan to EIG, he could use his position as Chesapeake CEO to offer EIG abnormally favorably investment terms on future Chesapeake deals in exchange for leniency on his personal loan's payback terms.
2.McClendon's personal loans have a clause requiring him to use his best efforts to ensure that other parties with interests in Chesapeake's wells – including Chesapeake itself – comply fully with all "covenants and agreements” that McClendon has subjected himself to in his personal loans. This clause could compel McClendon to direct Chesapeake to act against its shareholders' best interests in order to guard himself from legal liability under his personal loans.
While the SEC has rules requiring immediate disclosure of agreements whereby a CEO pledges company stock against personal loans, there is no rule requiring disclosure of loan pledges involving company business interests. This is a loophole that should be closed and McClendon should be ashamed for violating the spirit, if not the letter, of the SEC CEO loan disclosure rules.
As I wrote back in December 2010 in Chesapeake Energy: Carl Icahn's Next Target, McClendon's unethical management practices are longstanding. Back in 2008, he was forced to sell 31 million Chesapeake shares for $569 million to cover margin calls. These forced sales hurt Chesapeake shareholders directly because the stock fell 39 percent "virtually overnight” when his margin calls became public. McClendon also received a $75 million bonus payment at the end of 2008 to help pay for his participation in the FWPP while Chesapeake shareholders suffered a 59% loss for the year. Oh, and McClendon sold his antique map collection to the company for $12.1 million before being forced to buy it back (with interest) to settle a shareholder lawsuit.
Rolling Stone says that McClendon uses Chesapeake as his own personal "piggy bank” and I have to agree. According to at GMI Ratings, a corporate governance research and ratings firm:
Chesapeake's behavior and governance raise concerns that over the long term "significant shareholder loss" may occur.
Institutional Shareholder Services (ISS), another corporate governance firm, was so disgusted with McClendon's behavior last year that it recommended that shareholders vote to remove McClendon from Chesapeake's board of directors, citing an "apparent unresponsiveness of directors to the shareholder franchise” and "failure to address significant compensation issues.” Unfortunately, McClendon survived the shareholder vote.
In the second quarter of 2011, Carl Icahn sold out of his entire stake in Chesapeake and has now moved on to a tender offer for Midwest oil refiner CVR Energy (NYSE: CVI). While Icahn achieve a short-term profit in Chesapeake, longer-term shareholders have lost big time. Since my December 2010 article on Chesapeake and Icahn was published, Chesapeake has underperformed the Natural Gas Index (AMEX: ^XNG) by more than 33 percentage points:
Wow, Chesapeake dropped like a rock. How does a CEO borrow $1.1 BILLION for personal reasons? What the heck anyone need a $1.1 billion personal loan(s)for? Especially without telling investors. TSK, TSK. Bad enough natural gas prices are killing companies like CHK.
you sound like a government worker. LOL. make you fly TO on weekends, no comp. And same with return flights, so what if it happens after hours.... Have a quiet weekend.
Been traveling :) Still here boss! In the airport waiting on my flight...
Have a safe and happy B'day
FUNNY!! lol
No, No StarBUGS here...
Does it have any of those Yummy Starbucks bugs in it? If it does, I'll be right over...
Ahhh, Bless you my child!
Unfortunately, I think I have dirt in my yard that is younger than me!
HAPPY ALMOST BIRTHDAY, MYBAD. Old enough to drink now? LOL
Woo Hoo! Closed ***UP*** today!
Nice way to head into my birthday weekend!!!
FRIDAY'S FROM 4-5 PM is IHUB HAPPY HOUR. FREE MEMBERS CAN SEND PRIVATE MESSAGES. Click on Member's Name, a toolbar appears just like when you normal post, gives you PUBLIC, PRIVATE options. Click on Submit, you're done.
thought it spiked below there...LOL
the yield is still there, Willy. So much for predicting that.
the only time it didn't head south when i bought was at 0.005 lol
good price. Not for me anymore. LOL, almost broke down yesterday, good thing I didn't, it headed South just like I thought it would if I bought...
I'm buying the .007's and .0071's.
it helps, started to reply once, but realized it would have been to him. That mapping they're doing from Winchester would cover the Sandridge area. Superior is Garfield and Logan counties. His analysis is a bit skewed, considering Superior is barely in the Lime.
It didn't seem to jump out there like it did for Moody and My Bad. Definitely couldn't pick you right out. So I'll take your word, thought it was twice and why it hassled me. LOL.
On to the chart, yech. Here I was starting to think vendors were over. guess it just means no one wants to give the bids what they want.
Here's a Geo-post from last year nov. he was doing some DD at the time.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=69284612
and from a Sandridge CC:
http://seekingalpha.com/article/305453-sandridge-energy-s-ceo-discusses-q3-2011-results-earnings-call-transcript
and here's another good read from back then:
http://superioroilandgas.com/mississippi-limestone-emerging-as-top-flight-horizontal-liquids-play/
MB
right now, I'm just shocked, Conoco-Phillips is only down $1 since Monday. Monday 4 PM was cutoff for spinoff shares of Phillips 66, gained 1 for every 2 COPs. COP is still at $73 after an ugly market week. A buck is nothing, considering I got in at $68. Heard thru the grapevine Phillips 66 was sitting pre-IPO at $37. Making out like crazy, that will hit my account April 30th. Here I had the April Blues from all the red. Sometimes spinoffs do come true.
any real rumor of takeover and off it'll go for sure. I'll beat the bushes over the weekend...
down~ yes, but not by much, I'm not worried, I think it's just a matter of time for sior, and I've got nuthin but time...
MB
You down??? haven't looked at the charts. Not seeing anything yet as to why they didn't come thru on the financials (Superior G&O)
CAVR still has YIELD sign.
where'd you go JAWS?
you hadn't posted enough, had to go thru reams of Willys to find you...but you're a MOD now.
About time you showed up there, Slacker. I believe he can, just because he did the same thing last year. And he changed even the proxy material without announcing if I remember right. Costs money.
His intro letter basically says that 1) he has NOT reviewed it. (what a statement) and 2) can't validate it's accuracy. LMAO, you'd think he at least reviewed it. Geez. But I believe it goes on to say he'll change it as necessary or something in that language. It's not like it's something he gave the SEC.
interesting, i'd put it in the ibox
Question for anyone. Billy changed the two items I told him about...the wrong date above his signature on the 2011 report and the .06eps that should have been .006. There was no public mention on OTCpindsheets revision ever posted. Can a CEO just go into these Disclosure reports and indiscriminately change the data without reporting the change to anyone or Pinksheets.com or does he have to have them do the change????
No, I dont have an answer to that.
Just fwiw, I already bought into it back in January.
I'll cruise it looking for answer to that question I just posted after I GO BACK and look up that foreign tax info again...LOL
Mississippi Lime territory is good, they're within, campared to our friend who is in the shallow sands. Issue/question, last Aug, son put in the following 8-K:
"Due to a shortage of capital, Superior Oil and Gas became delinquent in filing its current reports with the Commission as a result of lacking the
funds to pay its auditor. However, the Company has now obtained the necessary funds and will proceed expeditiously to prepare and file with
the Commission all delinquent filings and become current again."
8 months later..... we can hear the crickets chirping. So yes, takeover is strong possibility, makes me think HK, Chesapeake, Sandridge could gobble him up.
Anything you heard as to why after submitting that 8-K, they decided to NOT file financials???
I don't believe there is any connection, they are just another small O&G company.
If you go to their message board, the most intelligent post have come from a guy named: geopressure. His 'on the job' type techical info is good; I don't believe he works for SIOR, but he does work in o&g;
there are other good posters there too.
no, DUH, I left the link out. It was a seeking alpha article. I'll refind it.
the one about the nationalization of YPF?
the EU cancelled the trade conference they were going to have with Argentina
foreign taxes- this was good article, maybe post the link in the ibox?????
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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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