Well Renewal, Inc., a Tulsa-based oil and gas operator, has announced that it has entered into a letter of intent with USA Superior Energy Holdings, Inc., a Houston-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.
Well Renewal 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.”