SOURCE: WGI Holdings, Inc.

December 12, 2007 08:30 ET

WGI Holdings, Inc. Announces Participation in Sooner Trend Oklahoma Well

HOUSTON, TX--(Marketwire - December 12, 2007) - WGI Holdings, Inc. (PINKSHEETS: WGIH), a U.S.-based independent oil and gas company, is pleased to announce it has negotiated with Monarch Resources to participate in the Goffman #1 Well in Garfield County, Oklahoma.

WGI Holdings, Inc. has agreed to participate in the recompletion of the Goffman #1 well and a 640 acre lease in Garfield County, Oklahoma. The Goffman #1 well was originally drilled in 1997 to a depth of 7436' and has produced from the Oswego Lime and Mississippi Lime formations. The Goffman #1 is located in the highly prolific Sooner Trend in central Oklahoma. WGI Holdings has established the workover procedure and will hire contract operator Proex Energy Management to perform the recompletion procedures. Work is scheduled to begin January 2008.

Potential production of both gas and oil at today's energy prices makes this opportunity a perfect fit for WGI Holdings' strategy of building a low risk portfolio of oil and gas assets one well at a time, creating cash flow for the company while mitigating risk through recompleting wells in well established production areas that have extensive infrastructure of gas sales lines to get product to market immediately.

WGI Holdings, Inc. (PINKSHEETS: WGIH) is a publicly traded, independent oil and gas company headquartered in Houston, Texas -- the Oil & Gas Capital of the World. The company is now under new management and is focused on maximizing shareholder value by executing on the following strategy: Building a diversified portfolio of significant oil and gas assets in Texas, Oklahoma, Kansas & Louisiana, through a proven selection process which must meet the high standards of our management team. Management has been successful in identifying underperforming oil and gas properties, evaluating their potential and implementing a strategy which will significantly increase the assets' value. Our approach has been carefully crafted to mitigate risk while enhancing asset valule and subsequently shareholder returns. WGI Holdings, Inc. financial structure allows it to minimize the high overhead of traditional E&P companies.

This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words "expects," "projects," "plans," "feels," "anticipates" and certain of the other foregoing statements may be deemed "forward-looking statements." Although WGI Holdings believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.

Contact Information

  • Contact:
    WGI Holdings, Inc.
    Houston, Texas
    Greg Shindler
    Ph. 713.213.9444
    Email Contact