TULSA, Okla., Feb. 27, 2007 (PRIME NEWSWIRE) -- Well Renewal, Inc. (Pink Sheets:WRNW) is pleased to announce the initial drilling program to re-work up to 21 wells on the Gulley lease located in Northeast Oklahoma. In addition to working over the 21 wells, the strategic plan also calls for drilling two new wells to the Upper Arbuckle Formation. Core samples are being sent to an independent laboratory for final testing which will allow WRNW's engineers to build a reserve analysis for this specific property. Additionally the 21 existing well drilling program will be for wells that indicate superior preliminary evaluations and indicate above average flow rates. WRNW expects upon completion the workover wells to produce 700 bopm and the new wells over 2000bopm. At today's recent oil prices that would add over $1 million in revenues for 2007.
"Our engineering staff has become more proficient during the past months in bringing wells back to production while minimizing our costs. Marginal wells, such as the Gulley 21, are demanding more and more attention by small to mid size regional oil and gas companies due to the current market price of oil," stated Will Gray, CEO. Mr. Gray added, "I am confident the Company will achieve all this year's drilling goals and initiatives for company owned leases and existing wells. This particular acreage presents an incredible opportunity, bringing to the Company potentially high profits with minimal overhead expense."
About Well Renewal, Inc.
Well Renewal, Inc., headquartered in Tulsa, Oklahoma, is principally engaged in oil and gas exploration as well as 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.