TULSA, Okla., Dec. 19, 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, is delighted to announce it has completed a Letter of Intent to Merge with ESP Resources, Inc. (ESP) of Houston, TX.
"ESP is well known within the Petro-Chemical Industry," stated E. Willard Gray, Chairman and CEO of Well Renewal. "ESP will bring seasoned executive management with proven track records of success in all facets of the Oil & Gas arena. I am pleased to have a seasoned professional like David Dugas and his ESP group joining our team. ESP also brings existing contracts along with several pending petro-chemical contracts with revenues estimated to exceed $10 million in 2007."
David Dugas, Chairman and CEO of ESP Resources, Inc., commented, "This merger between our two firms will compliment each companies Oil & Gas assets." Well Renewal has proven reserves in both Oil & Gas production and along with its expanding Oil field services division will now have ESP's expertise in enhancing its Petro-Chemicals division.
Upon successful completion of both organizations due diligence period, the merger is expected to close in early Jan. 2007.
About ESP Resources, Inc.
Energy Solutions Petrochemicals is a custom formulator of specialty chemistries for the energy industry. Based in Houston, TX., ESP Resources focuses on solving highly complex integration of processes to achieve the highest levels of quality petroleum output. ESP utilizes drilling, production and reservoir engineers, geologists, and other specialists.
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.