TULSA, Okla., Dec. 18, 2006 (PRIME NEWSWIRE) -- Well Renewal, Inc. (Pink Sheets:WRNW), a rapidly growing diversified oil and gas regional operator, specializing in enhanced technologically advanced recovery of abandoned and low-production oil properties, oil field services and petrochemical distribution, today announced it will purchase several work-over rigs from Economy Mfg. and Oilfield Equipment Co., an Oklahoma based dealer of equipment for the oil and gas industry.
Well Renewal's field services division provides a wide range of well site services that are essential to the drilling and maintenance of oil and gas wells. The work-over rigs will help Well Renewal to enhance its existing capabilities that facilitate many procedures performed on existing oil and gas wells. They will be used to hoist equipment and tools into and out of the well bore in connection with operations on a producing well to restore or increase production.
"The additional work-over rigs will be used for our existing leases, while at the same time being utilized for escalating our work-over capacity to our existing customers. Several customers as they grow are requiring substantial further use of our services," commented E. Will Gray, Chairman and CEO of Well Renewal, Inc.
Well Renewal anticipates over $2,000,000 in Oil field Services revenues 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.