Tulsa, OK (Sharewellnewswire.com) August 21, 2012 - CAVU Resources, Inc. (“CAVU”), which trades as OTC:CAVR.PK, announce today that the company filed its six month 2012 financials with www.otcmarkets.com.
During the six months ended June 30, 2012, the Company had $1,738,703 in revenues compared to $1,600,638 for the six months ended June, 2011.During the quarter ended June 30, 2012, net operating gain totaled $1,156,521 compared to net operating gain for the quarter ended June 30, 2011 of $1,600,638.
All of the Company’s revenues during these two periods were derived from the sales of the Company’s gas and oil revenues and the sale of investment equipment, assets and related services performed. For the six months ended June 30, 2012 general and administrative expenses totaled $823,646 compared to the six months ended June 30, 2011 which such expenses totaled $722,626. As of June 30, 2012, the Company had current assets of $4,386,981 and total assets of $8,489,405. At June 30, 2012, the Company had total liabilities of $2,596,933.
CAVU has focused on the last three years acquiring assets that have the ability to produce revenues. CAVU has reduced a majority of the debt associated with these assets. We now are 100% focused on generating profits for our shareholders.
On the Hogshooter we have a proposal for a partnership funding the will pay off notes and provide non dilutive development capital that could produce up to 200 barrels a day on this lease.
CAVU has a $1.2 private placement on the Chisholm lease for reworking all nine wells that could produce up to 200 barrels day. We have also targeted two new wells that would be drilled from accumulated revenue that easily double that projection.
We are exploring acquisitions in target development areas that would allow us to acquire existing production and partner on high volume wells in areas targeted for future drilling programs.
Our partnership in CAVU Global Energy, LLC has several funding proposal that would allow both additional joint ventures and development of the Texas, Oklahoma and Louisiana properties.
As the projects are finalized a more detailed report and projections will be disclosed, with updates to follow next week. We plan to have our shareholders meeting this year in Tulsa sometime in the early fall with dates to be announced later. This Tulsa is central to all of the assets we have built up over the last 3 years with planned tour for the visiting shareholders.
“We continue to follow our plan for 2012, reduce debt, from partnerships to develop the assets we own and acquire additional income and growth properties. We expect 2013 will be our breakout year.” Stated William Robinson, CEO and President of CAVU Resources, Inc.
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CAVU Resources, Inc.
CAVU Resources, Inc.
Source: http://www.sharewellnewswire.com/the-cavu-resources-inc-reports-a-net-operating-gain-of-1156521-for-the-first-six-months-of-2012-2499.htm/#ixzz24FvtXhQhf
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