Maybe Hurricane Debbie will help show you the door.

Yeah I think there's a good chance we get news about D-Bar or something here soon. If not this week then maybe next. With or without progress on I-1 for me, one other "project" as tangibly close to actual production as Mustang Island would more-or-less double the companies value.

Eh...just saw the forecast. Looks like we wait again.

No way! That's going to dentguy's house.

He's taking one for the team

Send that stinkin storm to Florida.

I think most of us here are in agreement with you AUD1. Seems we had a nice bump in the pps when the lift boat was loaded and ready to go.

All of this moisture coming up out of the Gulf is gonna push off to the east and hit Altoona.

Hey keep it to a whisper will ya.

Shareholders trying to sleep here.

Talk about buying at the bottom.

Oil around an 8 month low and WGAS at an "exploratory mode" price.

I think we're at the nexus of the universe here.

Small craft should exercise caution
Matagorda Bay-Galveston Bay-
Rest Of Today
Southeast winds 15 to 20 knots...decreasing to 10 to 15 knots. Bay waters slightly choppy. A chance of showers and thunderstorms.
Tonight
Southeast winds 10 to 15 knots becoming east 5 to 10 knots after midnight. Bay waters slightly choppy becoming smooth after midnight. A chance of showers and thunderstorms in the evening...then a slight chance of showers and thunderstorms after midnight.
Thursday
East winds 5 to 10 knots. Bay waters smooth. A slight chance of showers and thunderstorms.
Thursday Night
East winds 5 to 10 knots becoming northeast after midnight. Bay waters smooth.
Friday
North winds 5 to 10 knots becoming east in the afternoon. Bay waters smooth.
Friday Night
Southeast winds 5 to 10 knots becoming east after midnight. Bay waters smooth.
Saturday
Northeast winds 5 to 10 knots becoming east in the afternoon. Bay waters smooth.
Saturday Night
East winds 5 to 10 knots. Bay waters smooth.
Sunday
Northeast winds 5 to 10 knots becoming east in the afternoon. Bay waters smooth.
Sunday Night
Southeast winds 5 to 10 knots becoming southwest after midnight. Bay waters smooth.

No income + paying debt and settlements with as many shares as it takes = no reason to pay more than 1 penny per share when one could simply wait until oil comes from Mustang Island in a month or two (we hope) and buy shares (in a company now with income) on the way down after the run up we hope we'll get from Mustang Island in a month or two.

That'd be my theory, and that'd be my plan.

I think we'll be all right from here inside a month.

As someone already "in" I'm willing to wait and see if the LaJolla "fix" gets PR'd before the lift boat leaves the dock because I like the odds of picking up some 007's. Wouldn't be taking the chance though if I didn't already own or have enough.

(haha, 10-4 Atlanta)

Down 9% and 300k drying in the sun at 009 on a very positive PR. Now that's a fact.

Nevertheless I do think there's money to be made from 009 within a month.
Nevertheless I do think there are equally priced or cheaper shares to be had before then.

If I wasn't already a card-carrying member of the WGAS longs I would be buying here.

Just because someone looks at a stock with a critical eye doesn't mean they're not on your side G.

I'll second that wild guess.

Time will tell.

For the record though, you are saying IF Vermilion goes into production it will be this year, and I am saying it will be next year.

And Redwater/Maude, you believe that deal is still in the works, and I believe the deal has expired.

Hope you're right on both counts. Meanwhile I'll keep buying WGAS as opportunities present themselves, regardless of share price.

Personally, I'd rather have him at Mustang making sure Silvermere and Laredo aren't f'n around because IMO this is the only production WGAS has a shot at in 2012.

Yeah, as a long term holder I'm not too worried about the cancellation.

Maybe we'll get a substitute PR though.

Meanwhile we have this to look forward to:

https://investorevening21june2012.eventbrite.co.uk/

Could get some news out of it

Good question

Company tweeter said 6/13 at 3pm

Here's the link

http://redchip.com/visibility/conferencePages/virtualconferences/virtualmainConference.asp?from=mm

Yes now this is a much nicer way to pay down those debentures.

Ironridge won't be out of our hair (or irrelevant) till someone comes in and plops a cool mil down on the WGAS dream, and who in there right mind would storm the gate with that much dough, pushing the share price up to God knows what in the process with a company that has zero income, a delayed Possibility of production and Ironridge's $1.3 million dollar "Sword a'Damocles" threatening to kill the pps on a whim?

The only way to invest in WGAS is, and remains to be, to short it (which as we know some have done, and done well) and/or buy it on the way down slowly while Ironridge pushes the price down in the process of claiming its settlement $.

Obviously if Mustang produces this summer everything changes; Ironridge will be done, or irrelevant. Most importantly though, Worthington will be a new company; an actual producer of oil and (we can expect) it'll have a completely different valuation.

I do believe the i-1 well will HAVE to happen this summer AND produce at least a decent quantity of oil (whatever that is) to keep the pps from going triple zero, but that's just my personal opinion, and I'm voting with my money that triple o's won't happen.

Now let's get that crude!

Ah, here's a convenient link to UK Silvermere chat. Not much there yet, but maybe something will pop up soon.

http://www.discussthemarket.com/slme-chat/

Launch of the S.S. Laredo? Doesnt Silvermere get the lift boat in a week or 2, then it's the wait for calm seas?

Maybe some other news, although the only basis for that speculation is some guy posting here that he'd called IR and been told Tony and Co. were busy with VM-179 lately.

Sure wish we could get a glimmer of encouragement from the company. Guess its just too soon though.

Hahaha ok, label me a basher trying to pick up cheap shares, that's fine.

I just wanted to know if you genuinely thought redwater/Maude was still in process or just company hype designed to bolster the share price

You've expressed your honest opinion and I thank you.

If you see 100k cross the tape at 008 in the next hour there's a good chance it was my buy

xyz, do you really think the redwater/Maude deal is "active?" I just can't imagine it to be so. The $3 million required in escrow by Dec 2011 did get there on time per 10Q, but it's been 6 months and no updates/activity on a purchase that was purported to provide "instant production" upon closing of the deal? And if the deal did expire, why include its initiation in a May 2012 company PR?

Not saying WGAS isn't going to turn around or end up priced at a buck in a year, and I'm still holding and looking to buy more, but I am wondering if the true "bottom" isn't closer to 005/004 which IMHO looks like a better place average down.

Any thoughts on that?

Paxton Energy, Inc. announced that 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. The agreement calls for a payment of $3,250,000 and 2,500,000 common shares to Black Sands, and an additional $3,000,000 deposited into the Redwater/Maud Recompletion/Rework Escrow Account by December 30, 2011. The closing of the Agreement is subject to the satisfaction of a number of conditions precedent, including but not limited to the continued accuracy of the representations and warranties being made as of the Closing Date and the satisfaction of due diligence regarding Seller's title to the assets being transferred. 

Looks like this $3mil made it to escrow "on time" but what's happened since? This thing off the table now?


"Paxton said Phase I of the recompletion/rework development plan will result in all seven wells being on-line and producing."

If this deal had gone thru wouldn't we be producing now?

Egg cracking, no omlette. We all want omlette. Tony wants omlette, the market wants omlette. Not a criticism of Tony Mason. He's only been in the kitchen a few minutes, and I'm confident he's been busy doing what he can with what he inherited. Not a criticism of the company's potential either, just looking at our circumstance with honest curiosity. I'll be looking for answers to these things myself after I post this up, but if anyone has insight or links to any of this, it can only increase the usefulness of this message board to offer it. Let's get some good old fashion clarity here.

From the Events Summary:


"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."
So this was a year ago. Recently someone posted they'd called IR and been told this is presently being focused on. What exactly do we have there? What needs to take place before production begins? Is there a platform in place, or are we just talking about a hole in the bottom of the sea with our luggage tag on it?

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.

This from 6 months ago. Already has producing wells apparently. How close are we to completing this purchase? Is this purchase still in the works? Do we need the pps to go up before this deal gets financed?



On November 14, 2011, the Company entered into a definitive acquisition agreement to acquire 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% Working Interest in the recently drilled I-1 well, located on the lease, from Black Cat Exploration & Production, LLC ("Black Cat"), a Texas limited liability company

Well we all know about this one. Noticed the 10% applies only to the I-1 well, not additional ones..


On March 7, 2012, the Company completed the Black Cat Exploration & Production, LLC ("Black Cat") acquisition, previously announced on November 14, 2011
Ok, so this probably gains us interest in some additional leases. Which ones? And where are they in the process?



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.
Again, what hurdles remain before completion of phase 2 in this deal, amd once that takes place what are we looking at in terms of time and development before any possible production?

Anyway, lotta holes with a lotta proven reserves, but (as our pps suggests) it ain't worth much in the ground.

And again, lest knickers twist, let me reiterate I'm in/long on WGAS, and if I thought anything written on an ihub message board (bashing or hyping) made any difference in stock price i'd likely refrain from publicly scrutinizing the State of Worthington Energy.

Hey I'm guilty of the same contradiction :) Don't mind averaging down, but at the same time I'm sure more than a few are growing weary of "cracking eggs" for this jumbo omelette.

Things just take time.

You got a funny way of reducing the competition fer cheap shares there xyz....

AKA, we've been swimming upstream against Ironridge since mid-March.

Well I hope that's the case too.

Interesting (though one could only guess if it's related to the recent price action); aren't we getting close to the anticipated completion date of Phase 2 In the D-Bar acquisition? Noticed the "Twitter PR department" has gone silent. Wonder if they're busy with something more serious now.



SAN FRANCISCO, CA--(Marketwise -05/01/12)- Worthington Energy, Inc. (WGAS.OB - News) ("Worthington"), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, reports that effective April 19, 2012, the Company has 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, 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 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) the wells from D Bar and or assignees to Worthington in exchange for $3,500,000 in leases costs and $1,058,000 in initial rework funds. Said conveyance of wells is contingent upon securing a funding commitment, establishing mechanisms for funding work-over operations on certain wells and funding the acquisition of additional working interests in the leases. 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.

So the last 17 days of trading.

15 million shares traded?
Average around .015 per share?
By my count that's about a $250,000 sell off driving the price down 50%

It sucks, but I just can't get worked up over those numbers yet.

I don't know how far we are from actual production. Still need to hook into the pipeline once we (presumably) have flow, but if/when that happens I have to believe there'll be a heck of a lot more than 15 mil shares traded in A DAY.

There are some strong motivations likely pushing our price now, we dont know which and it could be both. It could be lenders hedging against the possibility of the Silvermore 10%er being further delayed or abandoned, but also if this company DOES have the potential to show, say, 20 cents in the next few months, there would be strong pressure to "get in" at the cheapest possible price. Two ways to pick up a sizable portion of WGAS now, drive it down or drive it up. If driving it down is more cost effective than driving it up and the conditions are right for doing that, then that's exactly what'll happen.

Granted, there could be some material event known to only a few at this point which has caused this price drop, time will tell (Silvermore going belly up?), but with the possibility of such a radical price change in the medium-term I'm willing to wager a certain amount that this drop is largely the product of a calculated plan to buy in.

Never bothered to understand how a lift boat works, but I get it now.

Seems with a hole in the hull a GOOD pilot would have at least considered "walking it" the rest of the way.

IMHO

Ah, we might have bought our 10% from Black Cat. Guess it doesn't matter much anyway. just curiosity

Yep, got off my arse and googled some shyte.

"In-line with the announcement made on 6 December 2011, platform construction was completed with load-out operations then scheduled to get underway in Galveston. However, the operator, Dominion Production Company LLC (the "Operator"), has decided, after consultation with the Company, to suspend installation until after the end of March 2012 due to adverse weather conditions and the significant financial costs likely to be incurred."

Ok, so Silvermere has/had about a 15% interest in I-1 before March of 2011 when Worthington purchased it's 10% interest? Does that mean Silvermere now has about 5% of I-1?

Googling....

So the i-1 well was supposed to be in production in January of this year? Am I understanding this correctly? If so, then wahhappened?


Video talks about the "tripod load out" expected to be complete by Dec 13 (2011).
Is this the same "load out" that we've recently suffered a delay?

If I'd loaned WGAS $ for shares, I'd certainly want to sell some as a hedge against the big goose egg from the I-1 10% er. If i-1 doesn't produce it'll be a disaster for the pps and possibly the company. That's why x# of weeks ago I suggested the possibility of sub penny shares available before the pps turned around. Would have rather been wrong, but this boat delay is largely to blame for our sub 2 cent price. If that hadn't happened, then ironridge or whoever would have sold off just the same pre i-1 flow-rate report, except they'd have been selling into more bid support.

In the end, I think it matters little what the share price does right now because the market cap will end up being about the same if I-1 produces as expected.

Heheh... Tweeted by @wenergyinc about an hour ago. Seemingly at random.

WORTHINGTON ENERGY, INC. Financials: http://t.co/cjBilp0W

— Worthington Energy (@wenergyinc) May 23, 2012

Would be nice to hear news of progress on those "other catalysts."

Do y'all suppose the general strategy is to use revenue from I-1 as leverage for the development of other sites, and that's why there's been nothing else moving?

Well, whomsoever it is down at WGAS HQ with the keys to the @wenergyinc Twitter account, they've just Tweeted about there enrollment in the Yahoo Fantasy Stock Portfolio Contest.

Hope ya put WGAS in that there portfolio pardner.

Enough of your wild claims! Let's keep this board substantive while we can eh?