SAN FRANCISCO, Nov. 1, 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 Company's I-1 Well is currently operating on a continuous, unmanned, 24 hour production schedule.
"I am pleased to report that we are once again operating on a 24 hour production schedule," stated Worthington Energy, Inc. President & CEO, Mr. Tony Mason. "We performed a 24 hour flow-test, concluding on Oct. 15, 2012, which generated encouraging production results: shut-in tubing pressure (SITP) was 4,150 psi; flowing tubing pressure (FTP) was 3,300 psi; oil production was 155 BOPD (barrels of oil per day); and gas production was 700 MCFD (thousand cubic feet per day)."
"This is excellent progress considering that we were still operating at a 6/64 choke," continued Mr. Mason. "Based on these results, which were reported to the Texas RRC, we expect that the I-1 Well will be designated by the RCC as an oil well and not a gas/condensate well."
Post completion of the 24-hour flow-test the well was powered down at the request of the pipeline operator to allow them to carry out further repairs on the pipeline riser at one of the abandoned platforms nearby. "Following some minor weather delays, the welding crew completed their repairs on October 30, 2012, and we are now operating at continuous, unmanned, 24 hour production," added Mr. Mason.
"As previously reported, we had anticipated achieving full production levels by late October or early November and I am pleased to say that we are right on schedule with our projections. I look forward to proving positive production updates in the days, weeks and months to follow," 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.