SAN FRANCISCO, CA--(Marketwire -03/19/12)- Worthington Energy, Inc. (OTC.BB: WGAS.OB - News) ("Worthington"), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, takes this opportunity to provide an update on the production timeline of the Company's recently acquired I-1 well. As previously announced on March 9, 2012, Worthington acquired a 10.35% Carried Working Interest in the recently drilled I-1 well, plus a 2% Override Interest in the entire Mustang Island 818-L Lease, covering 14,400 acres in the Gulf of Mexico, from Black Cat Exploration & Production, LLC.
Mr. Tony Mason, newly appointed President of Worthington Energy, explained, "Laredo Offshore has confirmed by letter to Dominion Operating that mobilization of the platform will take place from Galveston, TX to the I-1 well site at the first available weather window beginning April 1, 2012. An available weather window is 5 consecutive days with sea conditions of less than 3 foot waves. Once on location, the platform tripod will be erected and the tie in completed. The 4" line required is in place."
"Current forecasts show several available weather windows existing in early April. We anticipate taking approximately 17 days to complete the platform installation, tie in and testing, with initial production expected during the 1st week of May. The well clean-up process should take between 45 and 60 days, resulting in significant production beginning in the late June or early July timeframe," continued Mr. Mason.
"Costs to drill the I-1 well were approximately $8 million, with another $4.9 million expended for the platform. Of the $4.9 million platform costs, Laredo Offshore has agreed to hold paper on $500,000, demonstrating the confidence level Laredo has in the I-1 well project," further stated Mr. Mason.
"We are also aware of Dominion's intention to drill one, possibly two more wells in the Northern portion of our Mustang Island Lease, from which we will have a 2% Override Interest with zero expenditure requirements," added Mr. Mason.
"I am thrilled to be able to report that Worthington is moving full steam ahead and I look forward to providing continued progress updates on our production as well as the status of our current acquisition targets," concluded Mr. Mason.
Worthington (f/k/a Paxton Energy, Inc.) engages in the acquisition, exploration, development and drilling of oil and natural gas properties. Worthington is an energy turnaround company whose strategy is to acquire cash flow producing properties with proved and probable reserves, develop the fields by reworking existing wells and drilling new wells. Worthington was founded in 2004 and is based in Stateline, Nevada.
Cautionary Note to U.S. Investors
Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) now permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in Worthington's Annual Report on Form 10-K available from Worthington at P.O. Box 1148, Zephyr Cove, NV 89448 (attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.
Statements about Worthington's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Worthington intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to Worthington that is based on the beliefs of Worthington and/or its management as well as assumptions made by and information currently available to Worthington or its management. Worthington does not undertake any responsibility to update the forward-looking statements contained in this release.
Surety Financial Group, LLC