Worthington Energy, Inc. (fka WGASQ)

[GreyGoose_69]

WGAS all in one DD Page: Updated July 18th, 8:28 pm Mountain Time

Chart via airmail1: http://investorshub.advfn.com/boards/replies.aspx?msg=77646279

July 18th, 2012 Worthington Provides Progress Update on I-1 Well Platform
http://finance.yahoo.com/news/worthington-provides-progress-1-well-163400094.html

July 17th, 2012 Silvermere Energy Operations Update (Silvermere is more or less a Joint Partner with Worthington Enegery on the Mustang Island project)
http://uk.finance.yahoo.com/news/silvermere-energy-operations-070300019.html

July 16th,2012 PR on I-1 Well Platform: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77535890

July 14, 2012, Tony Mason responds to the infamous David Pryor (ie Me, Greygoose69)

http://wenergyinc.com/press-releases/worthington-energy-announces-production-timeline/#comments

Thank you for you comments to which I would like to respond. The D-Bar transaction is moving ahead and we are finalizing terms in the next several weeks. We are also moving forward, with good progess and momentum, on the I-1 well off the coast of Port Aransas and Mustnag Island, TX. Additionally, we are excited about an acquisition targeted in South Texas and are moving ahead aggressively on that front. There will be a series of announcements shortly on various matters all of which are positive which we hope you will read and feel free to comment or send feedback. Tony Mason, CEO Worthington Energy, Inc.

General Updates on the Progress of I-1 well at Mustang Island:Posted July 14th, 2012
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77521878

May 8th, 2012 PR: Worthington Energy Recaps Recent Activities http://finance.yahoo.com/news/worthington-energy-recaps-recent-activities-160000747.html

May 1st, 2012 PR on D-Bar Status: Worthington Energy Completes Phase I of D Bar Acquisition


April 17th, 2012, WGAS appoints new CEO Tony Mason: http://finance.yahoo.com/news/worthington-energy-appoints-chief-executive-150000021.html

March 9th, 2012, WGAS acquires Black Cat: Worthington Energy Completes Black Cat Acquisition
http://finance.yahoo.com/news/worthington-energy-completes-black-cat-153000783.html

WGAS valuation projections by xzx: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77542914

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77543584

Share Structure as of July 13th, 2012:
As of July 13th, 2012, there are - 196,419,713 shares of registrant's common stock outstanding.
A/S - 500,000,000

News on Oil Prices: Bad news for us consumers; Good news for owners of WGAS stock!
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77553114

http://finance.yahoo.com/q?s=clq12.nym

http://finance.yahoo.com/news/why-gas-prices-heading-back-205602835.html;_ylt=AgMMUu12mlyRh32ilbMXjzWiuYdG;_ylu=X3oDMTQ4MHZkMTFpBG1pdANDTkJDIFRvcCBTdG9yaWVzBHBrZwMwOGRkMGNmMy0zOWJhLTMyY2MtYjlhNi02YWZmYjZjY2U2ODgEcG9zAzEEc2VjA01lZGlhQkxpc3RNaXhlZExQQ0FUZW1wBHZlcgNlZjlkNDk3MC1jZjg4LTExZTEtYmRiYy1lMjkyOGE4Mjk0YzY-;_ylg=X3oDMTFpNzk0NjhtBGludGwDdXMEbGFuZwNlbi11cwRwc3RhaWQDBHBzdGNhdANob21lBHB0A3NlY3Rpb25z;_ylv=3

Company Information:

http://wenergyinc.com/

Worthington Energy Inc. (OTC: WGAS.OB) engages in the acquisition, exploration, development and drilling of oil and natural gas properties. Worthington Energy is an energy turnaround company whose strategy is to acquire cash flow producing properties with proved and probable reserves and develop the fields by reworking existing wells and drilling new wells. Worthington has working interests ranging from 3.97% to 31.75% in the various wells it owns. The company also owns an 11.75% working interest in the 8,843-acre balance of the Cooke Ranch prospect; and has the right to participate in a program to acquire up to a 75% working interest in leases adjacent to the Cooke Ranch prospect located in La Salle County, Texas. As of April 15, 2009, it had an aggregate of 0.5 net producing wells. The company was formerly known as Paxton Energy, Inc. and changed its name to Worthington Energy, Inc. in February 2012. Worthington was founded in 2004 and is based in Stateline, Nevada.

The Company is in exploration stage. Effective, March 7, 2012, the Company acquired the Black Cat Exploration & Production, LLC.

The initial strategy in 2012 is to focus on shallow, near-production oil producing properties. The Company currently owns VM -179, offshore shallow Gulf of Mexico and 10.35% interest of the I-1 well, Shallow Gulf of Mexico, South Texas in the Mustang Island area.

The Company is closing an acquisition of a 3,000 acre, 12 lease workover, located in North Central Texas. Additionally, the Company is closing a workover and development project in South Texas.

Worthington Energy Inc.
Suite 2 Suite 6232 STATELINE NV 89449

Phone: [phone]
Fax: [phone]

http://wenergyinc.com/img/investor-relations.png

Strategy:

At Worthington Energy we diversify and balance our production acquisition with exploration opportunities in areas in which we might be able to team with operators having experience and expertise. The Company's strategy is to acquire producing properties with large potential cash-flows and proven and probable reserves, and then to develop the fields by reworking existing wells and drilling new wells. The Company continues to rely on the technical expertise and experience of a variety of oil and gas consultants, which also reduces ongoing general and administrative expenses. Worthington believes that the vast experience of The Company's management in the industry will allow the Company to generate and evaluate opportunities to acquire key current and existing production.

Current Assets: (Updated on 6/29/12)

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.

I-1 well, Block 818-L, Carried Interest 10.35%

This is located near Mustang Island, Kleburg County, Texas. The Company owns a 10.35% carried interest in this well: 8.35% Carried Interest with a 2% Over Riding Royalty Interest over the entire 818-L block. The well is anticipated to be on line by mid-July 2012. The well has a minimum of 5 productive zones throughout the entire well bore and initial production will be from the I-5 sands with perforation between 11,118 and 11,124 feet.

The Company is in progress of closing the following assets:

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.


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(Further info on the propreties and misson of Worthington Energy)

Vermilion 179: The Company acquired the 547-acre lease, adjacent to Exxon producing VM 164 lease, in the Gulf of Mexico in May of 2011. The lease is in shallow water and has proved reserves of 0.582 mm bls of oil and 1 BCF of gas (PV-10 of $80 MM) with an additional 0.998 mm bls of oil and 1.5 BCF of gas in probable reserves. The Company plans to drill a 7400' well in the Fourth Quarter of 2012 and forecast production is 2500 BOEPD.

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.

At the request of Worthington Energy, James E. Hubbard prepared an updated reserve and economic evaluation of Worthington's VM 179 lease located in the Gulf of Mexico, offshore Louisiana as of January 1, 2012. Worthington currently owns a 70% Leasehold Working Interest in VM 179, with a Net Revenue Interest of 51.975%. The updated reserve report shows the net total for all reserves with a Projected Future Net Revenue of $97.7 million at $85 per barrel oil and $4 per mcf gas.

Red Water: The Company is in contract to purchase 100% interest in 7 wells in Bowie County, Texas. The property has 3 wells currently producing of 54 BOEPD. Immediate potential in reworking the 4 other wells. Proved Reserves of 2.8 mm bls of oil and 5 BCF of gas (PV-10 $37 MM) and P2 reserves of 14 mm bls of oil. Development plans to increase production to 600 BOEPD within six months.

Black Cat: Worthington has acquired a 2% Override Interest in the entire Mustang Island 818-L Lease, covering 14,400 acres in the Gulf of Mexico, with a 10.35% Carried Working Interest in the recently drilled I-1 well, located on the lease, from Black Cat, a Texas limited liability company.

Filings concerning Worthington Energy Inc:
http://quicktake.morningstar.com/stocknet/secdocuments.aspx?symbol=wgas

At Worthington Energy, our business is driving profitable growth and shareholder value. Our approach is distinct. Everything we do is:

Develop sustainable, high-quality oil and gas production to profitably enhance EBITDA

Measurable

Select simple, near-term production assets with definable goals

Achievable

Ensure adequate support of all work
Superior asset selection

Relevant

Deliver opportunistic, high-quality projects, both on and off-shore, in order to diversify and balance production acquisition with exploration opportunities

Timely

Utilize superior project management across a wide spectrum of best in class oil and gas vendors, consultants and partners

The Worthington Energy management team is aligned in vision and practice. Our vast experience and knowledge enables us to deliver results. Our business approach is succinct and clear:

Focus on Near-Term

Focus on current and near-term projects with a commitment to enhance production

Acquire Proven Resources

Acquire existing cash-flow producing properties with proven resources

Contract Expertise

Retain local geological, geophysical expertise
Utilize local operators for specific knowledge and experience
Engage high-quality oil and gas consultants relative to each asset base

Balance Opportunities

Proven acquirers: Diversify and balance production acquisition with exploration opportunities for upside potential

Drive Bottom-Line Profit

Focus on EBITDA
Control costs
Deliver strong return to shareholders