Stockmarketquarter

[Pennyland]

WRNW

Oklahoma business buys Greeley company
09:59 a.m. 05/05/2007 Provided by


TULSA, Okla., May 05, 2007 (Greeley Tribune - McClatchy-Tribune Information Services via COMTEX) -- Well Renewal, Inc. of Tulsa has bought a 47-year-old Greeley company.

Well Renewal, 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, oil field services, said in a press release that it has entered into a letter of Intent to acquire Cementers Well Service, Inc. The company is a privately-held Greeley company specializing in cementing services for oil, gas and water wells.

Cementers Well Service was started in 1960 by Jack and Rose Stoller. It is a $3 million company that provides comprehensive cement related services for oil, gas and water wells in Colorado, Nebraska and Wyoming. Cementer's main area of operations is in northern Colorado.

In the release, David Rees, CEO of Well Renewal, said the company is excited about working with Cementers. Rees, who became CEO in March, said in an April 9 release the company had acquired $1 million to be used to target and acquire additional oil field leases and energy services companies.

The purchase agreement with Cementers is expected to be complete in about two weeks.

"Jack and Rose Stoller have built a tremendous business, and we look forward to supporting their efforts to continue to provide top notch service to our customers. We believe that the future of this business is unlimited as the demand for energy continues to increase. We look forward to working closely with the Stoller's for many years to come," he said.

Rose Stoller is the daughter of Cementers founder and is chief financial officer of the Greeley company.

"We are pleased to have found partners who have the same commitment to servicing our customers that we have had over the years. Since my father started this business, we have always put our customers first and look forward to continuing this great tradition and business," she said.

Copyright (c) 2007, Greeley Tribune, Colo. Distributed by McClatchy-Tribune Information Services. For reprints, email [e-mail], call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.

Copyright (C) 2007 Greeley Tribune, Colo.