TULSA, Okla., Sept. 6, 2011 /PRNewswire/ -- CAVU Resources, Inc. ("CAVU"), which trades as OTC: CAVR.PK, announced today that CAVU Resources, Inc., its subsidiaries and CAVU Energy Services, Inc. have entered into an agreement to purchase an office building and development property in downtown Tulsa, Oklahoma.
A private investor has funded the $550,000.00 acquisition of an approximate 9,000-square-foot building that offers both office and workshop amenities. The building located on historic Route 66 is in a proposed renovation zone in downtown Tulsa. Future development calls for new streets, retail, housing and office space along with new sidewalks and greenbelt areas. CAVU Resources, Inc. and CAVU Energy Services, Inc. will each own 50% of the contracted acquisition. Both companies plan to locate their headquarters in the building after renovation.
The facility currently has a fiber optics pipe and multiple communications hubs in the building. The planned expansion into oil and gas marketing, oil field securities systems with internet connectivity will easily be accommodated by the communication lines available. The companies are developing a design plan and multiple commercial uses for the property.
Having a central location for CAVU Resources, Inc., its subsidiaries and the proposed spin out CAVU Energy Services, Inc. will allow a consolidation of accounting, technology and corporate management. Each company will have its own separate location all under one roof.
"This acquisition and other targeted purchases will continue to grow CAVU asset base and revenue stream for future distribution. This recent acquisition gives CAVU Resources, Inc., its subsidiaries and the proposed spinoff of CAVU Energy Services, Inc. a home to consolidate operations and manage the growing assets. Plans and future concepts for the facility will be unveiled at the shareholders meeting on September 16," stated William Robinson, CEO and President of CAVU Resources, Inc.
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 new operating subsidiary, CAVU Energy Services, Inc., a 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.
Specialty Situations Investor Relations
CAVU Resources, Inc.
5147 South Harvard Ave,
Tulsa, OK 74135
Desai V. Robinson, Director of Public Relations
SOURCE CAVU Resources, Inc.