Worthington Energy's I-1 Well Begins Initial Production
SAN FRANCISCO, Sept. 6, 2012 /PRNewswire/ -- Worthington Energy, Inc. (OTCBB: WGAS) ("Worthington" or the "Company"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, reports that the pipeline is charged and Company's I-1 well has begun initial production. Worthington has a 10.35% interest in the I-1 well and a 2% override interest in the entire 1,400 acres of the Mustang Island 818 Lease position, which is located in the shallow waters of Kleberg County, TX in the Gulf of Mexico.
"Initial flow rates from the I-1 well have been good," stated Worthington President & CEO, Mr. Tony Mason. "As anticipated, the I-1 well has begun what I would describe as the clean up phase. In this phase, the various Loss Circulation Materials (LCM) and drilling mud that were utilized during the drilling of the I-1 well are beginning to be forced out of the well bore by pressure from the oil & gas flow being produced. Shut In Tubing Pressure (SITP) and Flowing Tubing Pressure (FTP) are both in the anticipated ranges of 4,150 psi and 3,150 psi respectively."
"We are currently opening the well up only for day-time production under supervision from our contract operators, The Wood Group," explained Mr. Mason. "During these daytime production sessions, we have experienced consecutive days at the above pressures and are currently producing at an extrapolated flow rate of 250-350 MCF gas and 202 BOPD respectively."
"Overall, I am very satisfied with the way that the well is performing. It has conformed to the pattern that we had anticipated," continued Mr. Mason. "We will continue on with day-time operations, under supervision, and I anticipate that probably towards the end of this week we will turn the well on for a complete 24 hour operation cycle. As the well progresses, we will, of course, inform the market on a timely basis. Please exercise patience as the well cleans up and purges the LCMs over the next few weeks, and be sure to visit our website, www.wenergyinc.com, for additional updates and information on our progress."
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.