Vast Natural Gas Reserves Increase Value of Worthington Energy's Heavy Oil Play in Kansas
April 30 2014 - 11:40AM
Marketwired
Vast Natural Gas Reserves Increase Value of Worthington Energy's
Heavy Oil Play in Kansas
SAN FRANCISCO, CA--(Marketwired - Apr 30, 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 economic benefits of the area's vast
natural gas reserves as the Company finalizes plans to begin oil
and natural gas operations in the Cherokee Basin and Bourbon Arch
in southeast Kansas and western Missouri. As recently
reported, the Company completed the acquisition of 100% working
interest in sixteen oil and gas leases covering approximately 3,540
acres in southeast Kansas. Worthington's plan is to increase asset
value as the Company begins revitalizing these fields by utilizing
enhanced oil recovery techniques improved through the application
of new technology.
"Finding oil has always been a function of price and
technology," stated Worthington Energy President and COO, Mr.
Charles Adams. "The value of oil reserves increases when oil
becomes more economically accessible due to technological advances.
Oil companies are getting more oil out of the ground due to new
technological breakthroughs and Worthington is at the forefront of
these new recovery developments with its patent pending Levia Oil
Recovery Process."
"The Levia process was designed and developed specifically to
harness the abundant natural gas reserves and recover the heavy oil
deposits in the western Missouri and southeast Kansas regions.
Natural gas is collected and utilized as an economical energy
source to produce the thermal enhancements needed to lower the
oil's viscosity and increase production. Thermal enhancement is an
energy-in, energy-out exchange for profit. A field of heavy
oil that sits on a prolific natural gas field sounds like the
perfect match for an oil boom," explained Mr. Adams. "The
combination of potentially billions of barrels of heavy oil sitting
atop decade's worth of natural gas reserves presents an amazing
opportunity."
The Department of Energy believes the Cherokee Basin, which
stretches into northeast Oklahoma and western Missouri may also
hold up to 2.8 trillion cubic feet of recoverable natural gas.
"Harnessing the low volume natural gas to recover heavy oil in the
region may be the final step to unlocking this vast natural
resource. Worthington is creating value as it advances the
integration of new technology to unlock the shallow heavy oil
reserves in southeast Kansas," continued Mr. Adams.
"Worthington believes that the economic advantage provided by
having access to abundant supplies of natural gas coupled with high
efficiency thermal technology will prove a successful combination
to recover the massive oil reserves in the region," concluded 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