SOURCE: Worthington Energy, Inc.
SAN FRANCISCO, CA--(Marketwired - May 28, 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 provide additional information on the existing assets currently in place on the Barr lease acquired from American Dynamic Resources, Inc. ("ADR").
Worthington Energy, Inc. Chairman and CEO, Mr. Charles F. Volk, stated, "Worthington acquired a fully operational, working oil field including equipment, facilities and infrastructure, plus the proven intellectual property which will allow us to extract the heavy oil that was previously considered economically unviable to produce."
"There are 33 wells currently drilled on only 20 of the 320 available acres on the lease," stated Worthington Energy President and COO, Mr. Charlie Adams. "Each well already has an EcoLift Air Lift system in place.
"Our plan is to initially restart the 12 wells which produced and sold 193 barrels of oil in 2013 utilizing ADR's EOR (enhanced oil recovery) technology. We will subsequently restart the remaining wells, which have to date produced, in total, 14,779 of the more than 500,000 barrels of oil on the lease as validated by our reserve report," continued Mr. Adams.
"The Barr lease has been the technology testing and proving ground for ADR's patent pending EOR technologies including the EcoLift Air Lift system and the Levia Thermal Enhancement process. These technologies were developed specifically for the heavy and medium gravity oil deposits contained in our Southeast Kansas leases," Mr. Adams concluded.
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.