SOURCE: Worthington Energy, Inc.
SAN FRANCISCO, CA--(Marketwire - Jul 16, 2012) - Worthington Energy, Inc. (OTCBB: WGAS) ("Worthington"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, announces that construction of the I-1 well platform has begun. The lift boat, Dularge, left Aransas Pass, TX on Wednesday, July 4th and upon reaching the well site, performed Mesotech Sonar Sweeps around the rig platform location at the I-1 Well. Mesotech is a world-leading provider of magnetometer equipment.
"Mesotech sonar technology is used to scan the area around the platform site to identify any obstructions, impediments or debris at the jacket location that may interfere with or obstruct the pile driving operation," explained Worthington Energy, Inc. President and CEO, Mr. Tony Mason. "Several pieces of old riser, railings and old pipeline parts were identified and jetted out by the divers for removal. Both sides of the rig platform were thoroughly checked and the area has now been cleared."
"The Dularge then lowered its legs down to the sea bottom to position the tie-in point to the 475 feet of main pipeline going to the Six Pigs Facility. The divers located the existing 6 inch pipeline and jetted out an 18' by 6' by 5' deep trench to facilitate the installation of the sub-sea tie-in point from the 6 inch pipeline. The main pipeline itself was also jetted out 5 feet on either side of the tie-in point and a surface buoy was placed to mark the location," continued Mr. Mason.
"After completing the site preparation work, The Dularge headed back into Aransas Pass to re-supply and will return to the I-1 well site on Monday, July 9th to rendezvous with The Two Hooks barge, which left Galveston on Saturday, July 7th. The Two Hooks is a barge with two cranes that is transporting the jacket to the rig platform location. Pile driving operations are expected to commence on Tuesday, July 10th," further explained Mr. Mason. "The second barge load out is also complete and the platform has been loaded and will be towed by supply boat to the I-1 well site later in the week."
"I am pleased to announce that the I-1 well platform construction project is now fully underway," said Mr. Mason. "Weather permitting, we anticipate taking approximately 30 days to complete the platform installation, plus tie- in and testing. Initial production is expected during late July or early August. The well clean-up process should take between 45 and 60 days, resulting in significant production beginning in the late September or early October timeframe."
In March, Worthington 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, in the Gulf of Mexico. "I am confident the I-1 well will be the first significant success in several of our planned acquisitions for 2012," 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.