s Sale of NE OK Leases to DVFI
Wednesday March 26, 5:55 pm ET
TULSA, Okla.--(BUSINESS WIRE)--Well Renewal, Inc. (Pink Sheets: WRNW - News), an emergent diversified oil and gas regional operator, specializing in oil and gas exploration, enhanced recovery methods of abandoned and low-production oil properties, and oil field services, is announcing that it has rescinded the sale of 74 wells and 6 leases in Northeast Oklahoma to Diversified Oil and Gas Holdings, Ltd. (DVFI.PK) as previously announced on October 25, 2007. The officers and directors of Well Renewal approved the rescission of the agreement with DVFI for the reason that it is in the best interest of Well Renewal and its shareholders. All stock issued or transferred as part of the transaction with DVFI will be returned to the original owners and title to the leases at issue will be returned to Well Renewal as soon as practicable. WRNW plans to begin reworking and reconditioning several of the leases in late 2nd quarter.
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WRNW CEO David Rees said, “This rescission is in the best interest of WRNW. WRNW did not receive the necessary documentation and information required to complete this transaction, and after numerous failed requests to DVFI since last October, we have rescinded the transaction.”
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, and oil field services, and is actively acquiring businesses in the oil and gas industry.
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.
Contact:
Well Renewal, Inc., Tulsa
David Rees, 918-585-5101
info@wellrenewal.com
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Source: Well Renewal, Inc.
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