FARMINGTON, N.M., Aug. 7, 2006 (PRIMEZONE) -- WW Energy Inc. (Pink Sheets:WWNG) President, Olin Glover, is pleased to update in order to clarify developments that have occurred in the company over the past several months and to explain a shift in direction currently underway.
"Over the past several months we have been aggressively reviewing several opportunities in the oil and gas area. We have closed on a number of property acquisitions to build an initial land bank with good prospects to potentially develop into producing oil and gas fields. More recently, as with the Success Oil acquisition, we have begun to focus on purchasing producing oil and gas properties to take advantage of immediate cash flows as well as further developing the producing acreage. In the near future, we expect to announce further acquisitions of producing oil and gas properties with infrastructure in place. In addition, several opportunities pertaining to alternative energy have appeared and plans are underway to create a separate division within the company should negotiations involving these opportunities be successfully concluded. It's an exciting time for WW Energy and we want to make sure shareholders understand where we're going and why."
WW Trucking Inc:
WW trucking is continuing to grow due to high demand for its services to the oil and gas industry. As recently announced, the truck fleet has expanded by thirty-five percent this year and is expected to grow even further. The company also expects record revenues in fiscal 2006.
WW Oil & Gas Inc:
In keeping with its initial strategy of building a land base of prospective oil and gas properties, the company purchased the rights to leases in New Mexico, Utah and Texas. Development work is underway on these properties and plans to exploit these properties will be announced as they are completed.
Recently, the company strategy has shifted to purchasing producing oil and gas properties in order to create immediate cash flows. The announcement of purchasing assets of Success Oil Company is the first acquisition involving this strategy. Negotiations are ongoing with other properties and it is anticipated further announcements regarding new acquisitions that will enhance immediate cash flows will be forthcoming.
WW Alternative Energy:
Over the past several months, while reviewing several opportunities to grow the oil and gas side of the company, several opportunities in the alternative energy segment of the market involving wind, solar and bio-diesel among others, were made available to the company. Management believes several of these alternative energy projects have potential merit and is in the process of establishing a separate division in anticipation of closing on one or more of the opportunities presented. The strategy going forward in this segment of the corporation is to purchase already producing assets, therefore contributing to current cash flow and to enter into possible joint ventures involving new technologies.
WW Energy Inc., is a holding company that was created to acquire oil and gas service companies as well as oil and gas-related assets through two wholly owned subsidiaries.
WW Oil & Gas Inc., established in 2005, is in the business of acquiring leases and oil and gas-related assets. Such acquisitions are for the purposes of development, exploration, and exploitation. The company currently has exploitation projects in Texas, Utah and New Mexico. Comprehensive drill programs are being developed for full exploitation of these projects.
WW Trucking Inc., formed in 1999, is a leading oil and gas services company for the oil field services industry in Utah, Colorado, New Mexico and Arizona (The Four Corners Area). Their existing business operations are in transporting fresh production water for oil drilling/exploration and waste water for disposal. They also provide services for heavy hauling of drilling and well equipment needed in the oil and gas production and exploration industry.
Forward-looking statements
A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. The actual results of WW Energy Inc. may achieve could differ materially from any forward-looking statements due to such risks and uncertainties, including but not limited to, the fact that no assurance can be given that any proposed acquisitions will be consummated at all.