Worthington Energy Reports 4 Point Test Results on I-1 Well
SAN FRANCISCO, Oct. 8, 2012 /PRNewswire/ -- Worthington Energy, Inc. (OTC Bulletin Board: WGAS) (PINKSHEETS: WGAS) ("Worthington" or the "Company"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, today reports the results of the October 3, 2012 "4 Point Test" on the Company's I-1 Well. The 4 point test, which is required by the Railroad Commission of Texas (RRC), the state regulatory agency for the oil and gas industry, measures the deliverability of a well as defined by the well's capacity to produce, and is used by the RRC to allocate production quotas.
"We brought the I-1 Well on line in order to complete the 4 point test. The well was opened on a 7 choke and was allowed to stabilize for three (3) hours," stated Worthington Energy, Inc. President & CEO, Mr. Tony Mason. "We flowed well on both a 6 choke and a 7 choke, and the extrapolated oil rate flow ranged between approximately 200 to 400 BOEPD (barrels of oil equivalent per day)." Choke valves are used to control high pressure flow, especially in flow from oil and gas wells; the larger the opening, the greater the flow.
"Overall, this is an excellent result," continued Mr. Mason. "In order to enable steady oil and gas production to take place, the 6 choke will be our initial production choke once we get the pipeline charged. The oil produced was 38.3 API WTI. Based on these results the I-1 will probably end up being classified as an Oil Well and not a Gas/Condensate Well."
"The pipeline pressure was up to 80 psi but we still need to be at least 300 to 400 psi in order to begin 24 hour production. We are currently pressuring up the line and should be fully charged in the next few days," 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 can be found on Worthington Energy, Inc. 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.