Wentworth Energy Agrees to Lease Extension
July 07 2009 - 10:00AM
Marketwired
Wentworth Energy, Inc. (OTCBB: WNWG) announced today that Wentworth
has entered into a six-month lease extension with their current
Lessee on a 9,000-acre deep well lease on Wentworth's 27,557-acre
mineral block in East Texas. The Lessee's current lease on the
property expires November 1, 2009.
"The Lessee has identified one additional well location in the
deep Bossier formation that they would like to drill, but has
deferred drilling until 2010," said David Steward, Wentworth
Energy's Chief Executive Officer and Chairman.
The extension will give the Lessee until April 2010 to drill
additional deep Bossier/Haynesville wells on the western portion of
the 9,197.83-acre lease. In return for the six month extension, the
Lessee has assigned 100% of their working interest (with a 75% NRI)
in the Lessee's shallow leases on the mineral block to Wentworth
Energy, Inc. The shallow leases are from the surface down to 8,521
ft. and include additional rights to test the Pettit formation.
Wentworth Energy has identified three additional shallow well
locations with a potential JV Partner out of Tyler, Texas and are
continuing to develop additional drill sites. These will be
announced once final agreements are signed.
In November 2006, Wentworth Energy granted an exclusive
three-year lease on approximately 9,000 acres of Wentworth's
mineral block within the East Texas Deep Bossier/Cotton
Valley/Haynesville Trend. The three-year lease and a Joint
Operating Agreement with Wentworth Energy gave the Lessee the right
to drill deep gas wells on the minerals and the opportunity for
Wentworth to participate on drilling upper zones (above 8,500 feet)
on a 50/50 basis.
About Wentworth Energy, Inc.
Wentworth Energy is an independent exploration and production
company focused on developing North American oil and natural gas
reserves. The Company owns a 27,557-acre mineral block in east
central Freestone County and west central Anderson County in the
active East Texas Basin. Wentworth Energy trades under the ticker
symbol WNWG. For more information on the Company visit
www.wentworthenergy.com.
Contacts: Wentworth Energy, Inc. Francis Ling CFO 604-614-2266
www.wentworthenergy.com
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