TULSA, Okla., July 17, 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 and oil field services, is pleased to announce that its new strategy of acquiring successful companies in the oil and gas services arena and disposing of certain leases is progressing according to the Company's turn around strategic plan.
The Company released an open letter to shareholders from CEO David Rees on May 18, 2007. This letter stated the Company's objectives of identifying quality companies in the oil and gas services arena to acquire. Since that time the previously announced acquisitions have progressed nicely. In addition, the Company is pursuing strategic alternatives involving joint ventures with other public and private companies. All M&A targets remain viable and are scheduled to close on or before the end of August.
"I continue to be very impressed with the quality of business and strategic alternatives that are continually presented to us. I am more convinced than ever that we are poised to achieve our growth objectives through mergers and acquisitions. The only limitation appears to be our ability to execute quickly enough to seize as many quality opportunities as possible," said Rees. Mr. Rees continued, "The letters of Definitive Purchase are in hand and all funding has been identified. Further, WRNW audits are progressing and the company remains committed to move to a superior trading exchange as soon as possible."
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, and is actively acquiring businesses in the oil and gas services industry.
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.