SAN FRANCISCO, July 24, 2012 /PRNewswire/ -- Worthington Energy, Inc. (OTC: WGAS) ("Worthington"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, gladly reports on the additional positive developments occurring with the I-1 Well platform construction project.
"We have made more solid progress on the I-1 well platform construction as we advance towards completion," stated Worthington President & CEO, Mr. Tony Mason. "On Friday, July 20, we completed our pile driving operations and the platform jacket was installed. The Motor Vessel, SeaBrook, returned to dock, offloaded the Hammer equipment and loaded out the deck extension, boat landing and stairs. During this time additional cut-offs were made and crown shims installed."
"On Saturday, July 21, the deck extension was set and dogged down (fastened)," described Mr. Mason. "Welding the deck extension to the jacket was then completed. After which, the boat landing and stairs were installed."
"On Sunday, July 22, scaffolding for the main deck was installed and the old Helicopter deck was removed from the caisson. The Dularge and The SeaBrook then returned to dock to offload equipment and load the Main Deck supplies onto the materials barge. The barge met up with the Cal-Dive team on Monday to begin the deck lift. After the lift was completed the deck was welded out," Mr. Mason explained.
"Based on current progress to date and discussions with Dominion regarding the remaining work required in order to get to the testing into the line phase, we have to lay the pipeline, connect the riser, install the SSTI (sub- sea tie in) and mechanical tap, bury the lines and then go back and start the pipe work from the well to the platform. Obviously, we are going to do all we are able to in order to move matters forward aggressively," 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 San Francisco, CA. More information can be found on Worthington Energy, Inc. by visiting the company's website at www.wenergyinc.com.
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 220 Montgomery Street #1094, San Francisco, CA, 94104 (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.
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SOURCE Worthington Energy, Inc.