Worthington Energy to Target Heavy Oil Play in Kansas & Missouri
March 25 2014 - 10:15AM
Marketwired
Worthington Energy to Target Heavy Oil Play in Kansas &
Missouri
SAN FRANCISCO, CA--(Marketwired - Mar 25, 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's collaborative efforts with American Dynamic Resources,
Inc. ("ADR") will target the Heavy Oil deposits in Southeast Kansas
and Western Missouri.
As initially reported on March 12, 2014, Worthington entered
into a Definitive Agreement to acquire the oil and gas assets of
ADR and Heavy Oil Technology and Intellectual Property from ADR
President and CEO, Mr. Charles Adams. As part of that acquisition,
Worthington will utilize the Levia Oil Recovery Process developed
by ADR to begin recovering the heavy oil reserves in Southeast
Kansas and Western Missouri. These reserves are estimated between
several hundred million to 75 billion barrels of oil.
ADR has also integrated surfactant formulations for enhanced oil
recovery developed by chemists, Christie Lee and Dr. Paul Berger
with Oil-Chem Technologies, LLC ("Oil-Chem") in Sugarland, TX. As
majority owner of Oil Chem, Mrs. Lee uses her chemist background
and 17 years of experience in the industry to help oil companies
find innovative ways to recover oil. Dr. Berger is most noted for
RoundupĀ® herbicide formulations he developed for Monsanto.
Located in Western Missouri, near the Kansas border, in a
bedrock structure known as the Bourbon Arch, nearly 800,000 barrels
of oil have been produced since 1960. Recent estimates published by
the Missouri Department of Natural Resources for the reserves in
the Bourbon Arch are between 1.4 to 1.9 billion barrels of oil.
Assuming oil prices of approximately $55 to $65 per barrel,
combined with current technology and recovery rates, the estimated
value of Missouri's heavy oil is $35 to $42 billion.
The Kansas Geological Survey estimates there are 200 million
barrels of shallow heavy oil in southeast Kansas alone. Gaylord
Hinshaw, former Chief Geologist for Texaco, and a consulting
geologist for ADR, has estimated that there may be as much or more
heavy oil in Southeast Kansas as in Western Missouri.
"The Barr Cattle Co. lease near Chetopa, Kansas presents an
opportunity for Worthington to capitalize on the integration of
field-tested technology developed by ADR and Oil-Chem to
potentially begin recovering the billions of barrels of documented
heavy oil in the area," said Worthington Chairman and CEO, Charles
F. Volk.
"Seventy percent of the world's known reserves are heavy oil,
and recovering oil reserves is always a function of price and
technology. We cannot be certain about the timing or value of
specific breakthroughs however we do know that small incremental
improvements add up to large advances over time," stated ADR
President and CEO, Mr. Charles A. Adams. "Our commitment to the
pursuit of this resource play is unwavering."
About Worthington 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