Worthington Energy, Inc. (fka WGASQ)

[Atlanta1]

appeared to be a done deal, including wells, until it wasn't

Excellent quote. This is the very clear history of $WGAS:

1) Mustang Island/Black Cat/I-1: "Charles Volk, chairman of the board and former CEO of Worthington, said, "We are thrilled to have a man with Tony Mason's operational background as the CEO of Worthington Energy. With Tony at the helm, I believe that Worthington Energy will continue to successfully execute on its business strategy of acquiring properties with proved and probable reserves and then developing the fields by reworking the existing wells and drilling new wells."

APPEARED TO BE A DONE DEAL, UNTIL IT WASN'T

EPIC FAIL



2) Black Sands: On October 25, 2011, the Company entered into a definitive agreement to acquire a 50% Working Interest in the Redwater/Maud Lease, consisting of 1,462 acres in Bowie County, TX, from Black Sands Energy, LLC ("Black Sands") of Richardson, TX. There are seven wells on the Redwater/Maud property, of which three wells are currently producing. Phase I of the Recompletion/Rework development plan will result in all seven wells being on-line and producing. The rework project is expected to increase output from approximately 45 BOPD (barrels of oil per day) to over 400 BOPD and 425 MCFPD (thousands of feet of gas per day) to over 2,300 MCFPD. At least six undeveloped locations remain within the property with the potential for a Phase II plan that will explore additional well drilling locations.

APPEARED TO BE A DONE DEAL, UNTIL IT WASN'T.

EPIC FAIL




3) D-Bar: Effective April 19, 2012, the Company entered into a definitive purchase agreement with D Bar Leasing ("D Bar"), based in Abilene, TX, with respect to the sale and development of leases, wells, and other assets relating to certain mineral properties in Taylor, Eastland, and Callahan Counties, TX. The Parties intend to close the contemplated transaction in two phases.

The first phase (the "Lease Assignment") was completed April 20, 2012 and involved the conveyance of the 6.25% Working Interest in the Alvey Leases (478.5 Acres, 33 well bores, Callahan County Texas) from D Bar to Worthington for payment of $100,000 in connection with the execution of the Lease Assignment.

The second phase (the "Development Agreement") was executed April 26, 2012 and involves the conveyance of 87.5% of the Working Interest in the Alvey Leases, 95% of the Working Interest in the Boyett Leases (480 Acres, 14 well bores in Callahan County, Texas) and 95% Working Interest in the Burham Leases (240 Acres, 7 wells, Taylor County, Texas) wells from D Bar and or assignees to Worthington D Bar will retain a 15% carried interest in each well conveyed to Worthington. The closing of phase two is anticipated to occur within 45 days.

APPEARED TO BE A DONE DEAL, UNTIL IT WASN'T

EPIC FAIL




4) Britlind: Worthington recently entered into a Participation Agreement (the "Agreement") with Britlind Resources, LLC ("Britlind") of Dallas, TX, covering participation in the Britlind #1 Well, which is scheduled to spud today. Per the terms of the Agreement, Worthington will receive a 20% Working Interest in the Britlind #1 Well. Britlind anticipates drilling a total of five wells in the Vidal Island Field, in which, Worthington intends to participate. Array Operating, LLC has been designated as the Contract Operator of the well.

"I am thrilled to be able to deliver this positive news for Worthington and its valued shareholders," stated Worthington Energy, Inc. Chairman and CEO, Charles F. Volk. "The Britlind #1 Well, which is scheduled to spud today, is the first of 5 proven undeveloped (PUD) wells to be drilled in the field." The Vidal Island Field has produced approximately 1 million barrels of oil (MMBO), or 8.6% of the original oil in place (OOIP). In the 5 PUD locations there are approximately 500 thousand barrels of oil (MBO) remaining, or 4.3% of the OOIP, bringing the total recoverable oil for the field to approximately 1.5 MMBO or 12.9% of the OOIP.

The Vidal Island Field was discovered in 1979 by Exxon USA. Exxon developed the field by drilling a total of 12 wells, of which, 2 were dry. The field produced a total of 880 thousand barrels of oil (MBO) and 1.084 billion cubic feet of gas (BCFG) prior to being plugged in 1996, during a period of low oil prices. At the time the field was plugged, the daily production was still more than 70 BOPD and 175 million cubic feet of gas (MCFD) from 4 wells.


APPREARED TO BE A DONE DEAL, UNTIL IT WASN'T.

EPIC FAIL




5) Ventana Funding (ROFLMFAO - THE BIGGEST "FOOL 'EM ALL" TRICK): "I am pleased to report that we received a commitment letter for an $8.5 million term loan from Ventana Group LLC," stated Mr. Charles F. Volk, Chairman of the Board and recently reappointed CEO and President of Worthington Energy, Inc. "As the terms of the commitment explain, this credit facility is dedicated to developing the VM179 lease and meeting all of Worthington's related financial commitments."

"The Ventana loan will allow us to settle existing convertible debentures related to our VM179 lease acquisition. In addition, it will provide funding for equipment and installation expenses associated with drilling and production costs of new wells," continued Mr. Volk. "$3.5 million will be available immediately upon closing and the remaining balance will be drawn down within 90 days of the initial funding, based on a schedule approved by all parties. As a result of this funding, we anticipate drilling to commence during Q2/Q3 of 2013."

APPEARED TO BE A DONE DEAL, UNTIL IT WASN'T.

EPIC FAIL




6) VM-179: On May 6, 2011, Worthington (formerly Paxton Energy, Inc.) closed on the agreement with Montecito Offshore, LLC ("Montecito") of Louisiana, whereby Paxton acquired a 70% working interest in 546.875 acres in the Vermilion 179 (VM 179) track. Located in the shallow waters of the Gulf of Mexico offshore from Louisiana, VM 179 is adjacent to Exxon's VM 164 #A9 well. Based on the Montecito Independent Reserve report by James E. Hubbard, dated March 29, 2010, Proven and Probable reserves have a PV-10 (present value at a discount rate of 10%) value of $92,000,000 at $85 per barrel oil and $4 per mcf gas.

APPREARED TO BE A DONE DEAL, UNTIL IT WASN'T.

THE LARGEST EPIC FAIL