Repost:
To begin with, the previous CEO, E. Will Gray, was not ousted nor booted. He performed his functions as was needed and has now stepped down to assist in consulting for WRNW.
That D. Rees, an M&A attorney has taken over, signals something VERY significant, of which present shareholders will NOT be disappointed over, to say the least.
WRNW has THREE (3) of their own rigs(!!!), and 2 others presently leased, with access to many more, if/when needed, due to their affiliations. Though these rigs are not major rigs as many may typically think, they are adequate for the depth ranges in which WRNW operates down to.
WRNW is both a new well and a well renewal company (obviously). WRNW presently has two new wells being drilled and completed right now.
The wells they drill/rework are all in the formation ranges of 500', 750'-800', and 1000'. VERY NICE!
They have several leases in the N.E. Oklahoma area.
Gulley lease
Zulky lease
Liston lease
Ward lease
..as well as a few others. There are some 700 boreheads on these leases, of which is what WRNW is in the stage of renewing.
The company's debt is less than $1M, and they presently have approx. $500K in the bank (this, due to a recent 504, which be notified, is not completed). I believe WRNW will be announcing significant news next week (M&A news?) and will wait until the pps is much higher before completeing the 504.
Also, I was told that insiders hold approx. 150M of the approx. 350M o/s.
Assuming the o/s is 350M and the pps is .004, that makes WRNW's marketcap $1.4M...an EXTREMELY attractive figure (and entry point for LT buyers) for a company already generating revenues, and with major revenues expected by eoy.
As a side note, my 'source' said they expect WRNW to be a $50M company with a $10M EBITDBA by eoy, due to M&As. It was for this very reason, I am told, that Mr. D. Rees was personally sought out for.
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