Well Renewal Resigns Oil Field Services Agreement
TULSA, Okla., Jan 3, 2007 (PrimeNewswire via COMTEX) -- Well Renewal, Inc. (Pink Sheets:WRNW), a rapidly growing diversified oil and gas regional operator, specializing in enhanced technologically advanced recovery of abandoned and low-production oil properties, oil field services and petrochemical distribution, is pleased to announce it has renewed its Oil Field Services contract with The Money People, Inc. (TMP) an Oil and Gas Investment Company of California.
TMP have utilized Well Renewals Oil Field Services division for the past six months. During this period TMP have successfully purchased and developed Oil and Gas leases with over 50 wells and WRNW's Field Services division has successfully reworked 21 of these wells in 4th quarter and is currently scheduled to rework an additional 30 wells in 1st quarter 2007 in NE OK.
TMP wells are currently producing over 30 bopd and upon completion of the next 30 wells, TPM is expecting combined wells production of approximately 100 bopd.
WRNW operates a cost plus agreement with TMP and based upon 2007 lease acquisitions and growth within TMP's planned expansion, TMP expects to operate over 100 wells in NE OK with over 200 bopd in Oil production before mid-year.
Upon successful completion and anticipated growth in TMP's wells, WRNW is expecting upwards of $1,000,000 in Oil Field Services division revenues from this contract alone in 2007. WRNW currently operates Oil Field Services amenities throughout the NE OK region.
About Well Renewal, Inc.
Well Renewal, Inc., headquartered in Tulsa, Oklahoma, is principally engaged in the acquisition, 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.
This news release was distributed by PrimeNewswire, www.primenewswire.com
SOURCE: Well Renewal, Inc.
By Staff
CONTACT: Well Renewal, Inc. E. WILL Gray, CEO (918) 585-5101 willgray@sbcglobal.net
(C) Copyright 2006 PrimeNewswire, Inc. All rights reserved.
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INDUSTRY KEYWORD: Energy Industries
SUBJECT CODE: OIL
Company Announcement
