I found this a while back and it's the main reason I'm holding.
Wentworth's stock was trading around the same price as we are now. Then they put the news release I posted below and their stock went over $3. This was last year.
The key to look at is what county there oil leases were in. You guessed it Freestone County. Hoping FSNR pulls a similar deal off.
Didn't FSNR say in one of there earlier releases they were talking with some major oil company who was actice in Freestone county. Well a deal with a company like Marathon Oil is what I'm holding for here. Don't know whether this will happen just what I'm hoping for.
Wentworth Energy and Marathon Oil Sign Three-Year Lease and Joint Operating Agreement
Thursday November 2, 7:00 am ET
PALESTINE, TEXAS--(MARKET WIRE)--Nov 2, 2006 -- Wentworth Energy, Inc. (OTC BB:WNWG.OB - News) announced today that it has signed a three-year Lease and a Joint Operating Agreement with Marathon Oil Company (NYSE:MRO - News) to explore approximately 9,000 acres of Wentworth Energy's mineral block in Freestone County, Texas. The agreements give Marathon the right to drill deep gas wells on the minerals and the opportunity to partner with Wentworth Energy on drilling upper zones (above 8,500 feet) on a 50/50 basis.
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Marathon Oil has secured an exclusive three-year lease on approximately 9,000 acres within the East Texas Deep Bossier Trend, while the Joint Operating Agreement sets the terms for the two companies to partner in developing the zones above 8,500 feet. In addition, Wentworth Energy's drilling services subsidiary Barnico Drilling, Inc. will be the drilling contractor for the Joint Operating Agreement on any wells drilled from 0 to 8,500 feet or to the base of the Rodessa formation. As part of the agreement Wentworth Energy will acquire a seismic license giving it access to all seismic data collected during Marathon's three-year lease of the minerals. Plans are in place to conduct extensive seismic research on Wentworth's property, which is expected to provide valuable new information on potential oil and gas prospects on the mineral block.
"This is a unique opportunity for Wentworth Energy to dramatically accelerate the development of our property and increase the number of wells to be drilled on our 27,557-acre mineral block," said Michael Studdard, Wentworth Energy's President. "As an example, based on an 80 acre well spacing, there could be in excess of 100 drilling locations on this 9,000-acre section of the mineral block. Not only can we look forward to a royalty if these wells are successful, the Agreements partner us with Marathon on development of the shallower Woodbine and Rodessa formations."
