TULSA, Okla., Oct. 25, 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 completed the sale of 74 wells and 6 leases in NE OK for a purchase price of $1.92 million to Diversified Oil and Gas Holdings, Ltd. (DVFI.PK). The transaction involves receiving shares of DVFI common stock and future cash payments from DVFI. WRNW will be retained as the operator of the leases, ensuring ongoing recurring revenue for WRNW on a going forward basis. Current management of WRNW will also assume management rolls at DVFI.
WRNW CEO David Rees said, "This is an excellent development for WRNW. This transaction enables us to make monthly revenue while at the same time participating in the ongoing success of the leases through our future ownership stake in DVFI. We believe that this transaction gives us the best of both worlds. We believe that this transaction should be beneficial to both sides." Further, Mr. Rees stated; "that ongoing M&A activity begun early in 2nd Q appears headed for final completion. SEC audits have been completed and lender and equity partners are completing their final due diligence."
Terms of the sale were not released.
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. About Diversified Oil and Gas Holdings, Ltd.
Diversified Oil & Gas Holdings Limited is a diversified investment venture capital firm and our shares are quoted on (OTC:DVFI); our principal business is focused on exploiting and distributing domestic oil and gas reserves. The domestic fuel market is presently estimated to exceed $10 billion.
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.