Well Renewal Signs Merger LOI With Petro-Chemical Company
TULSA, Okla., Dec. 19, 2006 (PRIME NEWSWIRE) -- Well Renewal, Inc.
(Pink Sheets:WRNW), a rapidly growing diversified oil and gas regional
operator, specializing in enhanced technologically advanced recovery of
abandoned and low-production oil properties, oil field services and
petrochemical distribution, is delighted to announce it has completed a
Letter of Intent to Merge with ESP Resources, Inc. (ESP) of Houston,
"ESP is well known within the Petro-Chemical Industry," stated E.
Willard Gray, Chairman and CEO of Well Renewal. "ESP will bring
seasoned executive management with proven track records of success in
all facets of the Oil & Gas arena. I am pleased to have a seasoned
professional like David Dugas and his ESP group joining our team. ESP
also brings existing contracts along with several pending
petro-chemical contracts with revenues estimated to exceed $10 million
David Dugas, Chairman and CEO of ESP Resources, Inc., commented, "This
merger between our two firms will compliment each companies Oil & Gas
assets." Well Renewal has proven reserves in both Oil & Gas production
and along with its expanding Oil field services division will now have
ESP's expertise in enhancing its Petro-Chemicals division.
Upon successful completion of both organizations due diligence period,
the merger is expected to close in early Jan. 2007.
About ESP Resources, Inc.
Energy Solutions Petrochemicals is a custom formulator of specialty
chemistries for the energy industry. Based in Houston, TX., ESP
Resources focuses on solving highly complex integration of processes to
achieve the highest levels of quality petroleum output. ESP utilizes
drilling, production and reservoir engineers, geologists, and other
About Well Renewal, Inc.
Well Renewal, Inc., headquartered in Tulsa, Oklahoma, is principally
engaged in the acquisition, enhancement and recovery of abandoned and
low production oil properties, oil field services and petrochemical
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
CONTACT: Well Renewal, Inc.
E. Will Gray, CEO
Provider ID: 00110782
-0- Dec/20/2006 1:58 GMT
Press spacebar to pause and continue. Press esc to stop.