SAN FRANCISCO, July 31, 2012 /PRNewswire/ -- Worthington Energy, Inc. (OTC: WGAS) ("Worthington"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, reports that the Company has again made significant progress on the I-1 Well completion and tie in.
"I'm thrilled to report that the platform deck for the I-1 Well has been set! The jacket and deck extension including all access ladders have been installed," commented Worthington Energy, Inc. President and CEO, Mr. Tony Mason. "We have also installed the heater and chemical tanks and fully welded the new Heli-Deck onto the platform."
"We have accomplished a major milestone," continued Mr. Mason. "In anticipation of going on line in the next few weeks, the work load going forward will involve the Sub Sea Tie In (SSTI) as well as testing all the equipment contained on the deck. As of Sunday night we have made substantial progress. It's great to see how everything is coming together for the completion of the platform. Please visit our website, www.wenergy.com, for pictures of our work in progress."
"Independent engineering reports on the initial reserve put the valuation of the behind pipe reserves in the I-1 well bore, P1 reserves, at around 15 BCF (billion cubic feet) plus liquids. Based on previous production from various nearby productive sands, we are looking at 28-38 bbl per mmcf. (barrels of oil per million cubic feet). The testing on the I-5 sands produced 37 API WTI (American Petroleum Institute West Texas Intermediate, a measure of the density of the crude) and we anticipate condensate production from the other productive sands over the field," explained Mr. Mason.
Worthington owns a 10.35% interest in the I-1 well plus a 2% Over Riding Royalty Interest (ORRI) over the 818-L block of the Mustang Island Field. The 818-L block was independently appraised by Petroleum & Geological Engineers, Huddleston & Co., Inc., and RPS, as containing proven reserves of between 30 and 40 BCF recoverable.
Worthington (f/k/a Paxton Energy, Inc.) 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.
Cautionary Note to U.S. Investors
Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) now permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in Worthington's Annual Report on Form 10-K available from 220 Montgomery Street #1094, San Francisco, CA, 94104 (Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.
Statements about Worthington's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Worthington intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to Worthington that is based on the beliefs of Worthington and/or its management as well as assumptions made by and information currently available to Worthington or its management. Worthington does not undertake any responsibility to update the forward-looking statements contained in this release.
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SOURCE Worthington Energy, Inc.