Boots & Coots International Well Control, Inc (WEL)

[teomax]

RedChip Independent Issues 1Q 2008 Research Update On Boots & Coots International Well Control
Tuesday May 20, 11:15 am ET


ORLANDO, Fla., May 20, 2008 (PRIME NEWSWIRE) -- RedChip Independent, a division of RedChip Companies, Inc., has issued a 1Q 2008 research update for Boots & Coots International Well Control, Inc. (AMEX:WEL - News), a global emergency response company specializing in the needs of the oil and gas industries.
ADVERTISEMENT


Paul Rapa, MBA, RedChip Research Analyst, reported:

``With profitability increases in almost every location in its international business during the first quarter and continued improved activity levels in the Gulf of Mexico, we continue to believe that WEL is being very conservative in its estimated earnings per share for the second quarter.''

``2008 will continue to be a very successful year for the Company, and at a recent price of $2.16 per share, the Company continues to be extremely undervalued. We believe oil prices driven by world demand and civil unrest will continue to increase and create unique opportunities for WEL. Additionally, the Company's domestic activity is driven by natural gas. As many companies in the United States continue to explore for natural gas, the Company's domestic operations should continue to build momentum in the second quarter,'' Rapa continued.