SAN FRANCISCO, Nov. 27, 2012 /PRNewswire/ -- Worthington Energy, Inc. (WGASD : OTCBB) ("Worthington" or the "Company"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, takes this opportunity to provide an updated progress report on the status of the Company's I-1 Well.
"I am thrilled to report that production from the Company's I-1 Well is flowing through the pipeline and registering through our sales meter at the Six Pigs processing facility onshore. Final maintenance, testing and clean-up for the well has been completed and we are in full scale production mode," stated Worthington Energy, Inc. President & CEO, Mr. Tony Mason. "Just before Thanksgiving we performed a final separator clean out and installed a compressor, which facilitated pressuring up the line allowing oil and gas production to be metered and sold."
"The I-1 well continues to perform satisfactorily, currently producing West Texas Intermediate (WTI) crude and natural gas, which translates to revenue for the company," continued Mr. Mason. "There were certainly bumps along the road, but our team has worked extremely hard to overcome all obstacles and our perseverance is going to pay off handsomely."
"I look forward to providing additional details regarding actual levels of oil & gas production as they become available in the days, weeks and months to follow. I believe the best is yet to come," concluded Mr. Mason.
Worthington 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 about Worthington Energy, Inc. can be found by visiting the Company's website at www.wenergyinc.com.
Certain statements in this press release regarding strategic plans, expectations and objectives for future operations or results are "forward-looking statements" as defined by the Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, including the risks discussed in the Company's annual report on Form 10-K and the Company's other filings with the Securities and Exchange Commission. Factors that could cause differences include, but are not limited to, history of losses; speculative nature of oil and natural gas exploration, particularly in the Mustang Island and Vermillion 179 formations on which the Company is focused; substantial capital requirements and ability to access additional capital; ability to meet the drilling schedule; changes in tax regulations applicable to the oil and natural gas industry; results of acquisitions; relationships with partners and service providers; ability to acquire additional leasehold interests or other oil and natural gas properties; defects in title to the Company's oil and natural gas interests; ability to manage growth in the Company's business; ability to control properties that the Company does not operate; lack of diversification; competition in the oil and natural gas industry; global financial conditions; oil and natural gas realized prices; ability to market and distribute oil and natural gas produced; seasonal weather conditions; government regulation of the oil and natural gas industry, including potential regulations affecting hydraulic fracturing and environmental regulations such as climate change regulations; uninsured or underinsured risks; and material weakness in internal accounting controls. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
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SOURCE Worthington Energy, Inc.