Well Renewal, Inc. rescinded the sale of 74 wells and 6 leases in Northeast Oklahoma to Diversified Oil and Gas Holdings, Ltd. as previously announced on October 25, 2007.
The officers and directors of Well Renewal approved the rescission of the agreement with DVFI for the reason that it is in the best interest of Well Renewal and its shareholders. All stock issued or transferred as part of the transaction with DVFI will be returned to the original owners and title to the leases at issue will be returned to Well Renewal as soon as practicable. WRNW plans to begin reworking and reconditioning several of the leases in late 2nd quarter.
WRNW CEO David Rees said, “This rescission is in the best interest of WRNW. WRNW did not receive the necessary documentation and information required to complete this transaction, and after numerous failed requests to DVFI since last October, we have rescinded the transaction.”