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Thursday, April 12, 2007 8:58:32 AM
TULSA, Okla., Feb. 27, 2007 (PRIME NEWSWIRE) -- Well Renewal, Inc. (Pink Sheets:WRNW) is pleased to announce the initial drilling program to re-work up to 21 wells on the Gulley lease located in Northeast Oklahoma. In addition to working over the 21 wells, the strategic plan also calls for drilling two new wells to the Upper Arbuckle Formation. Core samples are being sent to an independent laboratory for final testing which will allow WRNW's engineers to build a reserve analysis for this specific property. Additionally the 21 existing well drilling program will be for wells that indicate superior preliminary evaluations and indicate above average flow rates. WRNW expects upon completion the workover wells to produce 700 bopm and the new wells over 2000bopm. At today's recent oil prices that would add over $1 million in revenues for 2007
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