Worthington Initiates Heavy Oil Project in Kansas
May 06 2014 - 11:15AM
Marketwired
Worthington Initiates Heavy Oil Project in Kansas
SAN FRANCISCO, CA--(Marketwired - May 6, 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 provide an overview of The Barr Lease
Project. At a time when most emerging oil companies can only
follow big plays, Worthington Energy is leading the way. "The
company plans to begin ordering equipment within 15 working days.
At this time we estimate the Barr Project can be on stream within 6
to 8 weeks," says Worthington Energy Field Engineer, Tim Lewis.
Phase I production on the Barr lease is forecast to be 20
barrels of initial flush production settling in to 3 to 5 barrels
of oil per day (bopd) with a steady increase to 10 bopd over the
first 30 days of Thermal Enhancement. After the first 30 days, the
company will then begin using Super Flow series surfactants
developed by Oil-Chem Technology to augment the Thermal
Enhancement. The Super Flow surfactants improve heavy oil recovery
by reducing the viscosity of the oil (increasing mobility) through
forming a water-external pseudo-emulsion.
Worthington projects the surfactant will cause a 30% to 100%
increase in production that will continue to rise over the next 90
to 180 days as the field warms to optimum temperatures. Initial
production for Phase I of the Barr Project is estimated to be
approximately 180 bopd.
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