TULSA, Okla., May 3, 2007 (PRIME NEWSWIRE) -- Well Renewal, Inc. (Pink Sheets:WRNW) an emergent, rapidly growing diversified oil and gas regional operator, specializing in oil and gas exploration, enhanced recovery methods of abandoned and low-production oil properties, oil field services; is pleased to announce that it has entered into a Letter of Intent to acquire Cementers Well Service, Inc., a privately held Colorado company specializing in cementing services for oil, gas and water wells.
In operation since 1960, Cementers is a Greeley, Colorado based service company providing comprehensive cement related services in Colorado, Nebraska and Wyoming. Cementer's main area of operations is in Northern Colorado. Customers utilize Cementers for their excellent work in the area of surface and production of casing services. They are a very well respected company in the energy industry, with a secure customer base.
David Rees, WRNW CEO stated, "We are very excited about working with Cementers. Jack and Rose Stoller have built a tremendous business, and we look forward to supporting their efforts to continue to provide top notch service to our customers. We believe that the future of this business is unlimited as the demand for energy continues to increase. We look forward to working closely with the Stoller's for many years to come."
Rose Stoller, Chief Financial Officer of Cementers commented, "We are pleased to have found partners who have the same commitment to servicing our customers that we have had over the years. Since my father started this business, we have always put our customers first and look forward to continuing this great tradition and business."
Cementers' overall revenue has shown considerable growth over the past several years. Adjusted EBITDA for the fiscal year ending June 30, 2007 is anticipated to be approximately $3 million. Well Renewal anticipated entering into a definitive Purchase Agreement within the next two weeks.
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, and oil field services.
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.