Worthington Begins Work on I-1 Well Platform
July 16 2012 - 10:00AM
Marketwired
Worthington Energy, Inc. (OTCBB: WGAS) ("Worthington"), an energy
company engaged in the acquisition, exploration, development and
drilling of oil and natural gas properties, announces that
construction of the I-1 well platform has begun. The lift boat,
Dularge, left Aransas Pass, TX on Wednesday, July 4th and upon
reaching the well site, performed Mesotech Sonar Sweeps around the
rig platform location at the I-1 Well. Mesotech is a world-leading
provider of magnetometer equipment.
"Mesotech sonar technology is used to scan the area around the
platform site to identify any obstructions, impediments or debris
at the jacket location that may interfere with or obstruct the pile
driving operation," explained Worthington Energy, Inc. President
and CEO, Mr. Tony Mason. "Several pieces of old riser, railings and
old pipeline parts were identified and jetted out by the divers for
removal. Both sides of the rig platform were thoroughly checked and
the area has now been cleared."
"The Dularge then lowered its legs down to the sea bottom to
position the tie-in point to the 475 feet of main pipeline going to
the Six Pigs Facility. The divers located the existing 6 inch
pipeline and jetted out an 18' by 6' by 5' deep trench to
facilitate the installation of the sub-sea tie-in point from the 6
inch pipeline. The main pipeline itself was also jetted out 5 feet
on either side of the tie-in point and a surface buoy was placed to
mark the location," continued Mr. Mason.
"After completing the site preparation work, The Dularge headed
back into Aransas Pass to re-supply and will return to the I-1 well
site on Monday, July 9th to rendezvous with The Two Hooks barge,
which left Galveston on Saturday, July 7th. The Two Hooks is a
barge with two cranes that is transporting the jacket to the rig
platform location. Pile driving operations are expected to commence
on Tuesday, July 10th," further explained Mr. Mason. "The second
barge load out is also complete and the platform has been loaded
and will be towed by supply boat to the I-1 well site later in the
week."
"I am pleased to announce that the I-1 well platform
construction project is now fully underway," said Mr. Mason.
"Weather permitting, we anticipate taking approximately 30 days to
complete the platform installation, plus tie- in and testing.
Initial production is expected during late July or early August.
The well clean-up process should take between 45 and 60 days,
resulting in significant production beginning in the late September
or early October timeframe."
In March, Worthington acquired a 10.35% Carried Working Interest
in the recently drilled I-1 well, plus a 2% Override Interest in
the entire Mustang Island 818-L Lease, in the Gulf of Mexico. "I am
confident the I-1 well will be the first significant success in
several of our planned acquisitions for 2012," concluded Mr.
Mason.
About Worthington 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.
Safe Harbor 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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