Worthington Energy Reports First Sales of Oil and Gas from I-1 Well Provides Update on Current Operating Status
SAN FRANCISCO, Dec. 4, 2012 /PRNewswire/ -- Worthington Energy, Inc. (WGAS:OTCQB) ("Worthington" or the "Company"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, is pleased to announce the Company's first sales of oil and gas from its I-1 Well located in the Mustang Island 818-L Field, based on information provided by the operator, Dominion Production Company LLC ("Dominion").
Following the successful 24-hour flow test conducted on October 15, 2012, and the subsequent return to continuous operations, clean-up of the well has continued concurrently with pressurization of the flow line to the "Six Pigs" processing facility onshore. Once necessary operating pressures to supply the transmission network were achieved, the first oil and gas sales were recorded on December 1, 2012.
"We are delighted that the Company has achieved such an important milestone; our first oil and gas sales from the I-1 Well," stated Worthington President and CEO, Mr. Tony Mason. "Unfortunately, on the heels of our good news, we received notification from Dominion that the main interconnect pipeline, operated by Exxon Mobil, was to be shut down immediately for urgent repairs. We anticipate that these repairs will be completed shortly. There are numerous wells, from a variety of other operators, that flow into the pipeline and they will all be shut down during this repair period.
This unexpected production delay does not reduce the value of our asset, or its anticipated revenue stream once production resumes. Revenue generated from the well will improve cash flow and will facilitate advancing towards the next phases of our development and growth," 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.
Surety Financial Group, LLC
SOURCE Worthington Energy, Inc.