SOURCE: Worthington Energy, Inc.
SAN FRANCISCO, CA--(Marketwire - Jul 18, 2012) - Worthington Energy, Inc. (OTCBB: WGAS) ("Worthington"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, takes this opportunity to provide a progress update on the I-1 Well platform construction. As previously reported, Mesotech sonar was used to sweep the platform location. Divers removed all identified potential obstructions and prepared the tie-in point for connection to the pipeline.
"Engineers then connected the 10-inch flow line from the well to the main transmission line, about 500 feet from the wellhead, which brings the oil and gas ashore. The on-shore facility that will receive the oil and gas is the Six Pigs Facility on Padre Island," explained Worthington Energy, Inc. President and CEO, Mr. Tony Mason. "After completing the site preparation work, the lift boat Dularge rendezvoused with the Two Hooks barge that was transporting the jacket from Galveston to the rig platform location. Pile driving operations commenced on Tuesday, July 10th."
"Early Saturday morning, July 14th," continued Mr. Mason, "I received notification from Dominion Operating that the jacket was lowered by the 2 Hooks barge and secured to the I-1 well caisson. The jacket was then leveled and the 2 Hooks set anchors to commence pile driving. Additional pile driving operations began on Sunday, July 15th in preparation for the platform installation. The platform has been loaded and is currently being towed by supply boat to the I-1 well site where it will arrive later in the week."
"I am thrilled to be able to share these positive developments with the investment community. This represents solid progress for Worthington Energy. Additional pictures of the I-1 well platform construction operation will be available on our website at http://wenergyinc.com," 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.