SOURCE: Worthington Energy, Inc.
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.
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.
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.