CAVR 04 x 044 Recent PR: Files 2010 Annual Report With Pinksheets.com
TULSA, OK--(Marketwire - 04/04/11) - CAVU Resources, Inc. ("CAVU"), which trades as (Pinksheets:CAVR - News) announce today that pinksheets.com filed CAVU's annual report and exhibits after the company was unable to access its secured site with pinksheets on Friday.
The past years operations grew from $2,011,780 in 2009 revenue to $2,250,715 in 2010 from the reworking of its existing properties. This plan allows the company to make new acquisitions and have cash flow to sustain the company during this growth period. CAVU's losses shrank to approximately $133,000 with profits targeted for 2011. CAVU has grown its total assets from approximately $3.8 to $5.8 million with approximately $1.5 million in net assets. The recently acquired 100% owned subsidiaries -- FILO Quip Resources, LLC and Envirotek Fuel Systems, Inc. -- produced and transported approximately 120,870 mcf of natural gas and over 6,000 barrels of oil in 2010 creating approximately $755,000 of revenue from gas and oil sales.
CAVU is just completing its massive rework of the 190 acre Chisholm Lease. CAVU plans to start a similar rework program on the 60 well Hogshooter lease the Company acquired in Nowata, Oklahoma. The Company plans to work simultaneously on its leases and begin the recently announced 100 well drilling program early this summer. With this recent acquisition and the long term drilling program in place the Company believes that new revenues and production should quickly surpass last year's totals.
CAVU is focusing on projects and acquisitions that bring future value, increased revenues and new opportunity. Its wholly owned operating company, CAVU Energy Services, LLC, has targeted opportunities in both conventional and directional drilling in the Midwest United States. CAVU should continue to enjoy continued growth in 2011.
"The decked is already stacked with the sale of Envirotek Fuel Systems, Inc, and the two year drilling program. We should continue to see growth over 2010's revenue this year," stated William Robinson, President of CAVU Resources, Inc.
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