Well Renewal to Purchase Lease Package in Northeastern Oklahoma
Well Renewal Inc. intends to further expand their leases acreage in Northeastern Oklahoma.
Tulsa, OK, February 13, 2007 --(PR.com)-- Well Renewal, Inc. (OTC.PK:WRNW) has negotiated the purchase of a 785 acre lease package. The lease package is located in Rogers County in NE Oklahoma. Numerous wells were drilled on the prospect acreage between 1960 and 1985. Production from the leases reached maximum levels of 4000 barrels of oil per month during the 1980’s. The wells were temporarily abandoned during the oil price collapse of the mid-1980’s and the lease was abandoned by the operator. The Bartlesville sand was the producing horizon of the wells contained in the lease package.
Well Renewal expects production to be re-established in the wells contained on the 785 lease package after an extensive workover program currently planned for the leases within the next 60 days. Well Renewal will utilize the services of Pro-Formance Oil Field Services, LLC, a wholly-owned subsidiary of Well Renewal. Pro-Formance will supply a workover rig to re-enter all of the wells located on the lease package to restore the wells to a producing status.
Will Gray, CEO of Well Renewal, stated, “We are extremely excited and energized with our newest opportunity to accumulate acreage within our operating region. This lease package has produced significant quantities of oil in the past and would still be producing today except for the collapse of oil prices during the mid 1980’s which caused numerous wells in our operating region to be abandoned. In addition to the wells to be re-entered and production re-established, our geological and engineering staff has identified 30 additional drilling locations on this lease package. We anticipate including these new locations in our 2007 drilling and completion budget. We anticipate production levels in excess of 3000 barrels of oil per month from this lease package this year. Successful completion of the drilling and production of these new wells will add greater than $2,000,000 to the revenues and cash flows for Well Renewal during 2007.”
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.
For more information, please contact:
E. Will Gray, CEO
Well Renewal, Inc.
320 S. Boston
Suite 1026
Tulsa, OK 74103
Telephone: 918.585.5101
Facsimile: 918.512.4337
Email: willgray@sbcglobal.net
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Well Renewal expects production to be re-established in the wells contained on the 785 lease package after an extensive workover program currently planned for the leases within the next 60 days. Well Renewal will utilize the services of Pro-Formance Oil Field Services, LLC, a wholly-owned subsidiary of Well Renewal. Pro-Formance will supply a workover rig to re-enter all of the wells located on the lease package to restore the wells to a producing status.
Will Gray, CEO of Well Renewal, stated, “We are extremely excited and energized with our newest opportunity to accumulate acreage within our operating region. This lease package has produced significant quantities of oil in the past and would still be producing today except for the collapse of oil prices during the mid 1980’s which caused numerous wells in our operating region to be abandoned. In addition to the wells to be re-entered and production re-established, our geological and engineering staff has identified 30 additional drilling locations on this lease package. We anticipate including these new locations in our 2007 drilling and completion budget. We anticipate production levels in excess of 3000 barrels of oil per month from this lease package this year. Successful completion of the drilling and production of these new wells will add greater than $2,000,000 to the revenues and cash flows for Well Renewal during 2007.”
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.
For more information, please contact:
E. Will Gray, CEO
Well Renewal, Inc.
320 S. Boston
Suite 1026
Tulsa, OK 74103
Telephone: 918.585.5101
Facsimile: 918.512.4337
Email: willgray@sbcglobal.net
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Contact
Well Renewal, Inc.
Will Gray
918-585-5101
www.wellrenewal.com
Contact
Will Gray
918-585-5101
www.wellrenewal.com
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