SOURCE: Worthington Energy, Inc.
SAN FRANCISCO, CA--(Marketwire - Jun 19, 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, takes this opportunity to provides an update on the status of the Company's I-1 well. On March 9, Worthington announced that it had acquired a 10.35% Carried Working Interest in the recently drilled I-1 well, plus a 2% Override Interest in the entire Mustang Island 818-L Lease, covering 14,400 acres in the Gulf of Mexico, from Black Cat Exploration & Production, LLC.
"I am thrilled to be able to report that we have a timetable for moving forward on the I-1 well platform," stated Worthington Energy, Inc. President, Mr. Tony Mason. "We received notification from Dominion Operating yesterday that the lift boat is in Galveston. The boat is currently undergoing ABS (American Bureau of Shipping) inspections and will then depart for the Mustang Island 818-L area. We expect the boat to leave Galveston within 5 to 7 days with all required equipment including the jacket, platform and pipeline. Jacket installation will take 7 days after arrival at the I-1 well site, subject to weather conditions As we reported earlier, it then takes approximately 17 days, again weather permitting, to complete the platform installation, tie in and testing, and to begin production."
"We are excited to announce that we are once again moving forward after the unfortunate and unexpected delay occurred, and I look forward to providing subsequent progress reports throughout the duration of the project," concluded Mr. Mason.
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 San Francisco, CA. More information can be found on Worthington Energy, Inc. by visiting the company's website at www.wenergyinc.com.
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 220 Montgomery Street #1094, San Francisco, CA, 94104 (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.
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.