TULSA, Okla., Aug. 8, 2007 (PRIME NEWSWIRE) -- Well Renewal, Inc. (Pink Sheets:WRNW), an emergent, rapidly growing 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 pleased to announce that it has entered into a letter of intent with USA Superior Energy Holdings, Inc., a Houston, TX based Oil and Gas energy company, to sell its operating leases in Northeastern Oklahoma. The transaction sale price is in the amount of $1.8 million. After an appropriate due-diligence period, it is anticipated that closing will occur on or before the end of 3rd quarter.
WRNW CEO David Rees said, "This is an excellent development for WRNW. These sales fit nicely with our goal of transitioning the company into the oil and gas services business. We are pleased with the terms of the transaction. As we have previously stated, we have been looking for a buyer for our leases for the last several weeks and have been pleased with the negotiations with USA Superior Energy Holdings, Inc. We believe that this transaction is beneficial to both sides."
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.