TULSA, Okla., May 29, 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 it has entered into a Letter of Intent to acquire a privately held Midwest-based company specializing in cementing services for oil, gas and water wells.
In operation for over ten years, the cementing company is a highly regarded oil well servicing company providing cementing and acidizing services to independent and small and medium-sized drilling companies. The company's operations are modeled after Halliburton, where most of the senior management was trained. They are a very well-respected company in the energy industry, with a secure customer base. Annual revenues are in excess of $8 million, with net margins of over 30%.
David Rees, WRNW CEO stated, "We are very excited about working with this outstanding operation. The founders have built a tremendous business, and we are eager to work with them and assist them in growing the business. We are thrilled that the entire management team will stay on and be highly motivated to grow their core business." Mr. Rees added, "This business fits very well with our revitalized strategy of acquiring solid oil and gas businesses, operated by competent business people who have the highest integrity and motivation to continue working as part of a continually growing and great WRNW team".
WRNW anticipates entering into a definitive purchase agreement within the next 30 days and plans to close the transaction in the late summer or early third quarter.
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 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.