Wentworth Energy, Inc. (WNWG)

[IslandTrader]

I've been in this stock for about a year now and have recently added several Million more shares in recent days starting at .0011. I own about 20 Million shares now. This to me seems to be more of a land play than about production. They do have working wells: Shiloh 1 & 3, Brackens 1 and the recently fixed the Marathon well known as Studard-Steward M1 well. There are many other wells that can be re-entered fairly easily with todays tech. The M1 well is a very deep well that has never been added into the companies assests before so who knows the true value on that well alone. The company has cut expenses to the bare bones and seem to only pump enough gas out of the ground to pay the day to day expenses. They are in default on some of their notes; however the noteholders are working with wnwg and are converting their notes to wnwg shares. In other words going from secured creditors to common stock holders (that to me is a sign they feel they can make more from the stock than from a loan). The creditors are playing natural gas and realize the price of NG is down now and don't mind waiting for this to play out. Wnwg owns a 27,000 acre parcel of land (and many other smaller plots of land). Looking at land sales in this area many feel this land alone could be worth $580 Million or more. The debt is somewhere around $90 Million'ish. Only 300 Million authorized shares and around 247 Million outstanding etc... they are not a press release pumping company like many others out there. NG prices are low right now which makes it an attractive time for buyers to come in and work out JV deals or buyouts. You want things in place before Natural gas prices take off. They are looking at a partial land sale to pay off the debt right now, or are willing to work out a deal on a larger scale with their working wells and all the land with a JV partner or a total buyout all together. Either way to me $400 - 500 Million after debt divided by 300 Million authorized shares = dollars and not pennies! So there is really no need to pump the stock. When the deal is done the rest will take care of itself. Will it be 2011, 2012? I don't know? This is only my take and why I am here so this is all IMO only and do your on DD! GLTA