TULSA, OK--(Marketwire - Jan 30, 2013) - CAVU Resources, Inc. ("CAVU"), which trades as (
Effective immediately, Louis Silver has been appointed CEO. Silver has held several senior management and CEO positions in the services, manufacturing and financial services sectors. Mr. Silver will focus on the general management, administrative management and strategic corporate financial management functions of CAVU. His presence will enable William Robinson to more effectively build the oil and gas operations and oil services operations of CAVU.
CAVU has also formed an Advisory Board comprised of five experienced executives from the diverse fields of corporate law, investment banking, marketing and public relations to advise and assist Messrs. Robinson and Silver on the strategic matters related to growing CAVU and achieving its corporate goals.
William Robinson stated, "We feel that these additions to our management team provide the organizational resources that will supercharge the achievement of our plans and goals in an astute and professional manner. Our management team has negotiated an expandable line of credit to acquire equipment for its current and targeted acquisitions. Increasing our cash flow will also allow us to complete the payment of our vendor debt and move towards eliminating all of our short term debt."
The company also announced that it secured an equity capital injection from its management team that will immediately result in the completion of the rework and reentry of two producing wells on its Chisholm Lease, with the planned reentry into a 3rd well to follow in the near future. The Company expects cash flow initially to be $50,000 per month to CAVU ($35,000 net income), and once the third well is reentered and producing, the projected cash flow could increase to $90,000 per month. Supporting these efforts, and the coming further expansion, is a new equipment funding Line that CAVU has entered into that will accommodate most of its capital equipment needs for the foreseeable future.
Louis Silver commented, "These financing achievements, executed under favorable terms, will enable CAVU to produce significant cash flow to internally fund our growth as we see our opportunities right now, and to provide funds for shareholder dividends in the not too distant future. Additionally, it gives the Company the ability to move forward on the Chisholm Lease immediately and the Hogshooter in the near future. Your new management team is committed to keeping shareholders informed of significant developments and closed transactions in the future, as we endeavor to ensure that shareowners reap the lion's share of the rewards from the upcoming opportunities that CAVU has secured."
About CAVU Resources, Inc.
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 and Louisiana. CAVU's operating subsidiary, CAVU Energy Services, Inc., licensed Oil and Gas Operating Company manages the company's properties in Oklahoma with plans to operate targeted leases in Kansas and Louisiana. 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.