TULSA, Okla., Dec. 15, 2006 (PRIME NEWSWIRE) -- Well Renewal, Inc. (Pink Sheets:WRNW), a rapidly growing diversified oil and gas regional operator, specializing in enhanced recovery methods of abandoned and low-production oil properties, oil field services and petrochemical distribution, today announced it has signed a LOI to acquire Pro-Formance Oil Field Services, LLC. Well Renewal will utilize Pro-Formance's expertise and significant oil and gas field services equipment and existing servicing agreements to expand its rapidly growing oil field services division. Upon completion of due-diligence, the transaction is expected to close before year's end.
Pro-Formance Oilfield Services specializes in providing Northeastern Oklahoma oil and gas operators with services that include well servicing, drilling, and fluid services. Pro-Formance was started for the sole purpose of meeting the demand for the unprecedented growth that the oilfield servicing sector is currently encountering on a regional and domestic basis. Pro-Formance will expand Well Renewals wholly owned field services division. Pro-Formance management and key employees will stay with the Company.
"As a component of our corporate mission and goal of ever-increasing our competitiveness and profitability, we are focused on an increasingly more efficient corporate structure, in addition to enhancing our servicing capacity. With this acquisition, Well Renewal will be in a stronger position to support all our well servicing requirements in northeast Oklahoma, and throughout the region," commented Will Gray, Chairman and CEO of Well Renewal.
Revenues from this acquisition are expected to exceed $2,000,000 in 2007.
About Well Renewal, Inc.
Well Renewal, Inc., headquartered in Tulsa, Oklahoma, is principally engaged in the acquisition, enhancement and recovery of abandoned and low production oil properties, oil field services and petrochemical distribution.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.