Worthington Energy Discusses ADR's EcoLift Artificial Lift System
April 01 2014 - 1:40PM
Marketwired
Worthington Energy Discusses ADR's EcoLift Artificial Lift System
SAN FRANCISCO, CA--(Marketwired - Apr 1, 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, takes this
opportunity to discuss the EcoLift Artificial Lift System (Patents
Pending #61896838 and #61897237) developed by American Dynamic
Resources, Inc. ("ADR"). 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.
Over the past 24 months, ADR has developed and tested their
EcoLift System, an artificial lift system for shallow wells (100'
to 1,000'). The EcoLift system produces oil by utilizing compressed
air pumped through a series of valves resulting in oil jetting to
the surface where it can be stored. The system has few down-hole
working parts, reducing maintenance and downtime which increases
oil production.
Field testing on the EcoLift has revealed several primary
advantages over traditional lift systems:
- 85% reduction in Installation costs;
- 90% reduction in Weight decreases Transportation costs;
- 85% reduction in Maintenance costs;
- Constructed from long-life non-corrosive materials;
- Environmentally Sound.
"The EcoLift reduces lifting costs and capital requirements,"
stated ADR President and CEO, Mr. Charles A. Adams. "Unlike
traditional production methods that use steel pipe and heavy rigs
for installation, the EcoLift is constructed with non-corrosive,
light polyethylene pipe that can be easily spooled into the well.
The EcoLift weighs 90% less than traditional Rod Pump systems,
reducing capital costs as well as transportation and handling
costs."
"Traditional systems used to lift shallow oil have many working
parts at the surface that wear out over time causing leaks and
spills," continued Mr. Adams. "The EcoLift dramatically improves
oil production economics while eliminating many of the serious
environmental risks from common leaks and spills associated with
traditional oil production methods."
"ADR is improving upon production methods that have been
employed for nearly a century, with new, environmentally sound
technology," said Worthington Energy Chairman and CEO, Charles F.
Volk. "ADR's EcoLift reduces oil lifting costs and lessens
environmental liability. In addition, EcoLift's improved production
economics decrease long term exposure to adverse market
conditions."
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