Worthington Energy, Inc. (WGAS)

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.

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

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.



Transfer Agent:
Nevada Agency & Transfer  Company
50 W. Liberty Street # 880
Reno, NV  89501
Tel: (775)322-0626
Fax: (775)322-5623
Email: stocktransfer@natco.org


 

Management:



 

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.
Chairman

 
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.