Worthington Enters Into Definitive Agreement to Acquire Oil and Gas Assets
March 12 2014 - 11:15AM
Marketwired
Worthington Enters Into Definitive Agreement to Acquire Oil and Gas
Assets
SAN FRANCISCO, CA--(Marketwired - Mar 12, 2014) - 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 that the
Company has entered into a Definitive Agreement (the "Agreement")
to acquire the oil and gas assets of American Dynamic Resources,
Inc. (ADR) and Heavy Oil Technology and Intellectual Property from
ADR President and CEO, Mr. Charles Adams on or before April 15,
2014.
Worthington will acquire the assets of ADR consisting of
multiple leases in Montgomery, Labette and Wilson Counties in
Kansas. The combined leases contain 140 oil wells and 17 gas wells
within 3,527 acres, including documented reserves of 1,163,618
barrels of oil and 9.8 BCF of gas. Worthington will pay 35,000,000
shares and $50,000 to ADR for these assets.
Worthington will also acquire ADR's patents on Intellectual
Properties covering 3 areas of Enhanced Oil Recovery: Air Lift,
Thermal Enhancement and Reservoir Management. These technologies
are well suited for the Heavy Oil deposits contained in the Kansas
leases being acquired. Worthington will pay Charles Adams
(affiliated with ADR) 35,000,000 common shares and $75,000 for
these assets (including the associated patents).
Upon closing the agreement, Mr. Adams will become President and
Chief Operating Officer of Worthington. In addition, Mr. Adams will
be appointed Vice-Chairman.
"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. "We are excited to
move into this shallow Heavy Oil Play in Kansas and look forward to
working closely with Mr. Adams."
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, 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