SOURCE: Worthington Energy, Inc.
SAN FRANCISCO, CA--(Marketwired - May 6, 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 an overview of The Barr Lease Project. At a time when most emerging oil companies can only follow big plays, Worthington Energy is leading the way. "The company plans to begin ordering equipment within 15 working days. At this time we estimate the Barr Project can be on stream within 6 to 8 weeks," says Worthington Energy Field Engineer, Tim Lewis.
Phase I production on the Barr lease is forecast to be 20 barrels of initial flush production settling in to 3 to 5 barrels of oil per day (bopd) with a steady increase to 10 bopd over the first 30 days of Thermal Enhancement. After the first 30 days, the company will then begin using Super Flow series surfactants developed by Oil-Chem Technology to augment the Thermal Enhancement. The Super Flow surfactants improve heavy oil recovery by reducing the viscosity of the oil (increasing mobility) through forming a water-external pseudo-emulsion.
Worthington projects the surfactant will cause a 30% to 100% increase in production that will continue to rise over the next 90 to 180 days as the field warms to optimum temperatures. Initial production for Phase I of the Barr Project is estimated to be approximately 180 bopd.
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.