220 Montgomery Street, Suite 1094
San Francisco, CA 94104
T: (415) 666-2337
http://wenergyinc.com/ >> Click Here for NEWS via the WGAS Website << Click Here for SEC Filings
VM 179, 70% Working Interest, Net Revenue Interest 51%.
This is a 547 acre offshore block, located in the Louisiana portion of the Gulf of Mexico, in around 70-72 feet of water. The well's site is adjacent to the Exxon producing lease VM 164. It has proven reserves of 0.582mm bbl oil and 1BCF gas (pv-10 $80M). The Company proposes to drill a 7,400 feet vertical well in Q4, post Hurricane season, with anticipated flow rate of 2,500 bbl / pd. Assets Being Acquired:
D-Bar, 100% Working Interest/Well, Net Revenue Interest/Well 80-85%
This asset is located in the Abilene, Texas area. The Company has executed a Purchase and Sales Agreement (PSA) to acquire 9 shallow oil wells, plus to further drill 5 water injection wells. Along with this, various leases and associated infrastructure owned by D-Bar. Phase 1 will consist of the workover of the 9 shallow oil wells in various formations, with a potential combined production rate of 150-200 bbl/pd. Phase 2 will comprise the development of the entire 3,000 acre position, over 12 leases, with potential towards a 70-90 well workover program. This will include the development of Proven Undeveloped (PUD) locations. The Working Interest per well will be 100% with a Net Revenue Interest per well of between 80 and 85%.
South Texas The Company is in the final stages of acquiring a producing property in South Texas. The initial plan is to work over 7 existing wells, with a projected cumulative flow rate of 150-175bbl/pd. After the 7 well workover, the Company will conduct a detailed review of a 5 square mile, 3D seismic data package, to minimally drill 17 PUD locations.
Worthington Energy, Inc (OTC: WGAS)
As of May 13, 2013, there are 364,323,826 shares of registrant's common stock outstanding,
of which --,---,---(?) are Restricted. Authorized shares = 1,490,000,000.
Nevada Agency & Transfer Company
50 W. Liberty Street # 880
Reno, NV 89501
Charles F. Volk, Jr.
Chairman & CEO
Mr. Volk brings over twenty-seven years of professional experience running public companies in various industries including oil and gas. In addition to his current responsibilities for Worthington Energy, Mr. Volk has been the Chairman of Bermuda Segregated Funds, Ltd., an open-end mutual fund with offices in Bermuda, since 2007. Prior to that, Mr. Volk was the Chairman & President of Osage Energy Corporation. Mr. Volk was also a co-founder of an operating copper company, Mercator Minerals Ltd., a component of the TSX Mining Index. In 1981, Mr. Volk earned a BS degree in Business Administration from Menlo School of Business Administration in Menlo Park, CA.
Board of Directors:
Charles F. Volk, Jr.
David E. T. Pinkman
Mr. Pinkman is CFO and a director of Saccharum Energy Corp., a TSX Venture Exchange-listed junior oil & gas exploration company, and has held these positions since October, 2009. He is also currently a director of Red Rock Energy Inc., a TSX Venture Exchange-listed junior uranium exploration and oil & gas exploration company, and has held that position since April, 2005. Previously, he was CFO and a director of PanWestern Energy Inc., a listed junior oil & gas company, and served in those roles from November, 2001 to April, 2010. He was also President and a director of Explorator Resources Inc., a CPC company, and held those positions from September, 2005 to January, 2007.
Magnetometer Survey Shot:
Articles of Interest:
The Offshore Drilling Process