TULSA, Okla., Jan. 4, 2007 (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 completed the merger and acquisition of Pro-Formance Oil Field Services, LLC. Well Renewal is also delighted to announce that Jerry Ennis, President of Pro-Formance will join WRNW's management team as President of WRNW's Oil Field Services division. WRNW will immediately utilize Pro-Formance's management expertise in oil and gas field services and assume existing field servicing agreements in KS and OK.
Jerry Ennis, president of Pro-Formance said, "Pro-Formance Oilfield Services specializes in providing Northeastern Oklahoma and Kansas oil and gas operators with services that include well servicing, drilling, and fluid services. Pro-Formance will now continue to meet the demand for the unprecedented growth that the oilfield servicing sector is currently encountering. I am pleased to be joining WRNW's fine management team and look forward to working with Andy Goodell and Will Gray to help develop WRNW's corporate mission. Pro-Formance will immediately expand Well Renewals wholly owned field services division and Pro-Formance key employees will remain with the Company."
"With this acquisition, Well Renewal will be in a stronger position to support all our well servicing contracts and requirements in NE OK and throughout the region and I'm delighted to have Jerry Ennis join our senior management team as president of our Oil field services division," 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.