<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0202</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2007-05-23</periodOfReport>

    <notSubjectToSection16>1</notSubjectToSection16>

    <issuer>
        <issuerCik>0000105532</issuerCik>
        <issuerName>WELLCO ENTERPRISES INC</issuerName>
        <issuerTradingSymbol>WLC</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001044355</rptOwnerCik>
            <rptOwnerName>ABERNETHY CLAUDE S JR</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>PO BOX 700</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>NEWTON</rptOwnerCity>
            <rptOwnerState>NC</rptOwnerState>
            <rptOwnerZipCode>28658</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Stock Option (Right to Buy)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <value>17.50</value>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2001-11-15</value>
            </transactionDate>
            <deemedExecutionDate>
                <value>2007-05-23</value>
            </deemedExecutionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>D</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>2000</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F1"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>D</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <footnoteId id="F1"/>
            </exerciseDate>
            <expirationDate>
                <value>2011-11-15</value>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>2000</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>0</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">Pursuant to merger agreement between issurer and a corporation orgainized by Golden Gate Capital and Integrity Brands this
 option was cancelled in the merger.  Option holder received no payment due to exercise price being higher than $14.00 paid
 by the merger agreement.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>CLAUDE S ABERNETHY, JR.</signatureName>
        <signatureDate>2007-05-23</signatureDate>
    </ownerSignature>
</ownershipDocument>
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X0202
4
2007-05-23
1
0000105532
WELLCO ENTERPRISES INC
WLC
0001044355
ABERNETHY CLAUDE S JR
PO BOX 700
NEWTON
NC
28658
1
0
0
0
Stock Option (Right to Buy)
17.50
2001-11-15
2007-05-23
4
D
0
2000
D
2011-11-15
Common Stock
2000
0
D
Pursuant to merger agreement between issurer and a corporation orgainized by Golden Gate Capital and Integrity Brands this
 option was cancelled in the merger.  Option holder received no payment due to exercise price being higher than $14.00 paid
 by the merger agreement.
CLAUDE S ABERNETHY, JR.
2007-05-23