TULSA, Okla., April 12, 2007 (PRIME NEWSWIRE) -- Well Renewal, Inc. (Pink Sheets:WRNW), an emergent 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, and petrochemical distribution, today announced it has successfully completed the initial gas wells that have been drilled on the Birdsall lease and on the Ward lease in Northeastern Oklahoma.
Mr. David Rees, Chairman and CEO of Well Renewal commented on the initial completion process, "The opportunity to drill an additional 6 wells on the Ward lease as well as 14 more wells on our Liston lease acreage has our production division moving along quite satisfactorily. The open hole log on the Ward and Birdsall gas wells, that have already been drilled, show significant possibilities". Mr. Rees continued, "Northeastern Oklahoma is prolific with coal bed methane and Well Renewal has staked its claim to this largely underdeveloped Northeastern Oklahoma Shelf."
As the continuing completion documentation becomes available, WRNW will continue to update the results. WRNW is pleased with the anticipated 150 MCF per day from the initial wells and will upon the completion of a minimum of 15 wells on the Birdsall and 5 additional wells on the Ward expect in the region of $2,000,000 in further annual revenues from these leases. WRNW also expects up to 50 bopd from the same leases and if successful would add approximately $1,000,000 more in annual revenues.
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.