SOURCE: Worthington Energy, Inc.
SAN FRANCISCO, CA--(Marketwired - Apr 1, 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 EcoLift Artificial Lift System (Patents Pending #61896838 and #61897237) developed by American Dynamic Resources, Inc. ("ADR"). As initially reported on March 12, 2014, Worthington entered into a Definitive Agreement to acquire the oil and gas assets of ADR and Heavy Oil Technology and Intellectual Property from ADR President and CEO, Mr. Charles Adams.
Over the past 24 months, ADR has developed and tested their EcoLift System, an artificial lift system for shallow wells (100' to 1,000'). The EcoLift system produces oil by utilizing compressed air pumped through a series of valves resulting in oil jetting to the surface where it can be stored. The system has few down-hole working parts, reducing maintenance and downtime which increases oil production.
Field testing on the EcoLift has revealed several primary advantages over traditional lift systems:
- 85% reduction in Installation costs;
- 90% reduction in Weight decreases Transportation costs;
- 85% reduction in Maintenance costs;
- Constructed from long-life non-corrosive materials;
- Environmentally Sound.
"The EcoLift reduces lifting costs and capital requirements," stated ADR President and CEO, Mr. Charles A. Adams. "Unlike traditional production methods that use steel pipe and heavy rigs for installation, the EcoLift is constructed with non-corrosive, light polyethylene pipe that can be easily spooled into the well. The EcoLift weighs 90% less than traditional Rod Pump systems, reducing capital costs as well as transportation and handling costs."
"Traditional systems used to lift shallow oil have many working parts at the surface that wear out over time causing leaks and spills," continued Mr. Adams. "The EcoLift dramatically improves oil production economics while eliminating many of the serious environmental risks from common leaks and spills associated with traditional oil production methods."
"ADR is improving upon production methods that have been employed for nearly a century, with new, environmentally sound technology," said Worthington Energy Chairman and CEO, Charles F. Volk. "ADR's EcoLift reduces oil lifting costs and lessens environmental liability. In addition, EcoLift's improved production economics decrease long term exposure to adverse market conditions."
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.