CAVU Resources, Inc. Announces 50,000 Barrel a Day Saltwater Disposal Well Receives Initial Funding of a $1.5 Million Commitment
TULSA, Okla., Feb. 9, 2012 /PRNewswire/ — CAVU Resources, Inc. (“CAVU”), which trades as OTC: CAVR.PK, announced today that the FILO SWDW # 1 LP Escrow account received its first investment of the $1.5 million funding commitment made by Amerex Resources Corp., an independent oil and Gas Company, for the project.
The ongoing $5 million offering for FILO SWDW # 1 LP has had both private and institutional interest in the project. CAVU has recently completed the first phase of the project. With recently infused equity and debt capital, CAVU was able to reconfigure its saltwater processing facility to meet the minimum requirements of the offering. By installing additional tanks and pumps the current CAVU facility will be able to process up to 20,000 barrels of saltwater a day. Once the $5 million offering is completed the facility will be able to process 50,000 barrels a day of salt water. This will allow CAVU to restart the previously reworked wells complete the rework of existing and projected drilling of the total 11 well project on the Chisholm lease.
“With the first phase of the funding committed, the operator and partner in the project CAVU Energy Services, Inc. (“CES”), will be able to complete the disposal well and begin utilizing the CAVU Resources facility. The completion of this private place should eliminate the need for further dilution and or debt related transactions for CAVU in the near future. CAVU’s approximate 40% ownership in CES and the ongoing success of the Chisholm Lease project should pay multiple dividends to our shareholders in the near future,” said William Robinson, CEO of CAVU Resources, Inc.
About Amerex Resources Corp.
Amerex Resources Corp. is an independent oil and gas producer headquartered in Woodlands, Texas. Amerex’s current areas of activity and interest include Giddings Field, Karnes County, Grimes County, Galveston County, Ft. Bend County, Texas and operates 80 wells in Oklahoma. RJ Abercrombie, CEO of Amerex, said that this is Amerex’s first venture into the Commercial Salt Water Disposal business and foresees great potential for other opportunities in this sector for more info go to www.amerexoil.com.
About CAVU Resources, Inc.:
During World War II, Navy fighter pilots would look up at the sky and if it was a “CAVU” day then it meant ceiling and visibility unlimited. The pilots believed they would have unobstructed flying allowing them to see their targets quicker, identify the obstacles they needed to overcome, giving them a greater chance of success. The founders of CAVU Resources, Inc., chose the name CAVU because they believe that the company will be the embodiment of its name.
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, Colorado, Montana and Texas. The Company has acquired leases and is currently exploring additional opportunities in oil and gas leases.
CAVU’s operating subsidiary, CAVU Energy Services, Inc., licensed Oil and Gas Operating Company manages the company’s properties in Oklahoma and plans to operate targeted leases in Kansas, Colorado, Montana and Texas. The company will utilize its own operating equipment and with strategic partners provide contract drilling, fracture stimulation and directional drilling services to oil, natural gas exploration and production companies. CAVU plans to expand operations not only in the traditional Oil and Gas business, but also to invest in technology, waste disposal, Geo-Thermal and Wind, taking advantage of the changing environment and in the world’s need for new, green and innovative resources. 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.
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SOURCE CAVU Resources, Inc.