Worthington Updates Valuation of the Barr Lease
May 15 2014 - 11:45AM
Marketwired
Worthington Updates Valuation of the Barr Lease
SAN FRANCISCO, CA--(Marketwired - May 15, 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 further expound on the
recent acquisition of the oil and gas assets and heavy and
medium gravity oil technology and intellectual property from
American Dynamic Resources, Inc. ("ADR") and ADR's President and
CEO, Mr. Charles Adams.
Worthington Energy, Inc. Chairman and CEO, Charles F. Volk,
stated, "There is tremendous unrecognized value that is not
reflected in our current share price in the stock market. Our
reserve report shows over 500,000 barrels of oil on the Barr Lease
alone. Current sales for proven reserves, as per the Oil & Gas
Journal, average $10 per barrel, which values these reserves at
$5,000,000."
Mr. Volk continued, "The Barr lease has been ADR's EOR (enhanced
oil recovery) technology testing and proving ground. The lease has
facilities on site and 35 barrels in the tank. The property has
infrastructure that is 80 percent complete, and has produced 14,779
barrels of oil to date. In 2013 ADR produced 193 barrels of oil
testing their EOR technologies."
"Worthington was extremely fortunate to be able to acquire the
assets of ADR after prior investment groups, which had been working
with Mr. Adams to develop his EOR technology, funded what
ultimately resulted in the proven, proprietary, patent pending
technology Worthington now owns," explained Mr.
Volk. "Worthington now has the properties and the
technological ability to grow significantly with relatively low
economic and geological risk."
Worthington acquired multiple leases totaling 3,527 acres in
Southeast Kansas, which combined, contain 140 oil wells and 17 gas
wells, including documented reserves of 1,163,618 barrels of oil
and 9.8 billion cubic feet of gas. Worthington also acquired ADR's
pending patents on Intellectual Properties for Enhanced Oil
Recovery, including Air Lift, Thermal Enhancement and Reservoir
Management. These technologies were developed specifically for the
heavy and medium gravity oil deposits contained in the Southeast
Kansas leases acquired.
"We have an aggressive growth strategy planned and we believe
that any investors that are here with us now will benefit from
Worthington's development plans and increasing valuations in the
market," stated Worthington Energy President and COO, Mr. Charlie
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, and 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