TULSA, Okla., Jan. 9, 2007 (PRIME NEWSWIRE) -- Well Renewal, Inc. (Pink Sheets:WRNW), a rapidly growing diversified oil and gas regional operator, specializing in oil and gas exploration, enhanced recovery methods of abandoned and low-production oil properties, oil field services, and petrochemical distribution, today announced it will immediately begin the completion of the Birdsell 999-05 well that has been drilled in the Roe Coal Seam, a coal bed methane formation on WRNW's Liston lease in NE OK.
Mr. E. Will Gray, Chairman and CEO of Well Renewal commented on the initial completion process, "The opportunity to drill an additional 14 wells on our Liston lease acreage has our entire team especially energized. The open hole log on the Birdsell 999-05 gas well, that has already been drilled, shows tremendous potential." Mr. Gray continued, "Northeastern Oklahoma is prolific with coal bed methane and several large independent Oil companies have recently staked their claim to this largely undeveloped Northeastern Oklahoma Shelf."
As the documentation of the completion becomes available, WRNW will announce the results. WRNW is expecting 90-100 MCF per day per well, and will upon the completion of a minimum of 15 wells, expect approximately $3,000,000 in new annual revenues from this lease.
WRNW expects the completion of the Birdsell 999-05 well before the end of the month. WRNW also expects up to 40 bopd from this lease and would furthermore add approximately $800,000 to annual revenues in 2007.
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, 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.