SOURCE: Worthington Energy, Inc.

Worthington Energy, Inc.

April 17, 2012 11:00 ET

Worthington Energy Appoints New Chief Executive Officer

SAN FRANCISCO, CA--(Marketwire - Apr 17, 2012) - Worthington Energy, Inc. (OTCBB: WGAS) ("Worthington"), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, is pleased to announce that Worthington's President, Mr. Anthony (Tony) Mason, has been appointed Chief Executive Officer, as per terms of the Black Cat Exploration & Production, LLC ("Black Cat") acquisition previously announced on November 17, 2011 and completed on March 7, 2012.

Mr. Mason was to be appointed President and Chief Executive Officer of Worthington Energy within 30 days of the Black Cat closing. Mr. Mason was named President on March 7, effective immediately upon the closing of the Black Cat acquisition. Now, as per further terms of the acquisition, Mr. Mason will take on the additional responsibilities of Chief Executive Officer.

Since 2010, Mr. Mason had been the CEO, Owner and Managing Partner of Black Cat, where he managed drilling and completion of the I-1 well located offshore in the Gulf of Mexico. Mr. Mason will also be managing the construction of the production platform for the well, announced March 19, 2012.

Mr. Mason brings over twenty-four (24) years of combined professional experience including finance experience in international capital markets in the UK, USA, Australia and Hong Kong, and detailed capital market experience in the USA and UK with publicly traded companies. Mr. Mason has both project and corporate finance experience within the energy industry, specifically in oil & gas, and has a proven track record of financing and developing assets into full scale production. Prior to joining Black Cat, Mr. Mason was the Founder and Chief Executive of Meridian Petroleum, an oil and gas exploration and production company, listed on the AIM market in London.

"We are thrilled to have a man with Tony Mason's operational background as the CEO of Worthington Energy," stated Chairman of the Board and former CEO of Worthington Charles Volk. "With Tony at the helm, I believe that Worthington Energy will continue to successfully execute on its business strategy of acquiring properties with proved and probable reserves and then developing the fields by reworking the existing wells and drilling new wells."

About Worthington
Worthington (f/k/a Paxton Energy, Inc.) 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 Stateline, Nevada.

Cautionary Note to U.S. Investors
Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) now permits oil and gas companies, in their filings with the SEC, to disclose not only "proved" reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also "probable" reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as "possible" reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC's latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in Worthington's Annual Report on Form 10-K available from Worthington at P.O. Box 1148, Zephyr Cove, NV 89448 (attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC's website at www.sec.gov.

Safe Harbor
Statements about Worthington's future expectations and all other statements in this press release other than historical facts, are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Worthington intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to Worthington that is based on the beliefs of Worthington and/or its management as well as assumptions made by and information currently available to Worthington or its management. Worthington does not undertake any responsibility to update the forward-looking statements contained in this release.

Contact Information

  • Contact
    Surety Financial Group, LLC
    410-833-0078