SAN FRANCISCO, June 5, 2013 /PRNewswire/ -- Worthington
Energy, Inc. (OTCQB: WGAS) ("Worthington" or the "Company"), an
energy company engaged in the acquisition, exploration, development
and drilling of oil and natural gas properties, announces plans to
spud an oil well today in the Vidal Island Oil Field located in
Concordia Parish, LA.
Worthington recently entered into a Participation Agreement (the
"Agreement") with Britlind Resources, LLC ("Britlind") of
Dallas, TX, covering participation
in the Britlind #1 Well, which is scheduled to spud today.
Per the terms of the Agreement, Worthington will receive a 20%
Working Interest in the Britlind #1 Well. Britlind
anticipates drilling a total of five wells in the Vidal Island
Field, in which, Worthington intends to participate. Array
Operating, LLC has been designated as the Contract Operator of the
well.
"I am thrilled to be able to deliver this positive news for
Worthington and its valued shareholders," stated Worthington
Energy, Inc. Chairman and CEO, Charles F.
Volk. "The Britlind #1 Well, which is scheduled to spud
today, is the first of 5 proven undeveloped (PUD) wells to be
drilled in the field." The Vidal Island Field has produced
approximately 1 million barrels of oil (MMBO), or 8.6% of the
original oil in place (OOIP). In the 5 PUD locations there are
approximately 500 thousand barrels of oil (MBO) remaining, or 4.3%
of the OOIP, bringing the total recoverable oil for the field to
approximately 1.5 MMBO or 12.9% of the OOIP.
The Vidal Island Field was discovered in 1979 by Exxon
USA. Exxon developed the field by drilling a total of 12
wells, of which, 2 were dry. The field produced a total of
880 thousand barrels of oil (MBO) and 1.084 billion cubic feet of
gas (BCFG) prior to being plugged in 1996, during a period of low
oil prices. At the time the field was plugged, the daily
production was still more than 70 BOPD and 175 million cubic feet
of gas (MCFD) from 4 wells.
About Worthington
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.
Safe Harbor
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.
Contact Surety Financial Group, LLC
410-833-0078
SOURCE Worthington Energy, Inc.