Just for you stormyPALESTINE, Texas -- Wentworth Energy, Inc. (OTCBB:WNWG) announced today the results of an independent study of the Company's oil and gas reserves performed by W. D. Von Gonten & Co. ("Von Gonten"), an independent licensed petroleum engineering firm based in Houston. The reserve report, which was based on approximately 16% or 4,400 acres of the Company's East Texas mineral block, estimates the undiscounted future net revenue (FNR) from these reserves at $123 million or a discounted PV-10 of $84 million which is commonly known as the SEC PV-10 figure.
The total net reserves, including the Company's unaudited probable and possible reserves, are 379,000 barrels of crude oil and 84.6 BCF of natural gas, which breaks down as follows:
Oil (MBO) Gas (MMCF)
PROVED PRODUCING 4 1,265
PROVED PRODUCING - NOT ON LINE 23 437
PROVED BEHINDPIPE 9 1,565
PUD (PROVEN UNDEVELOPED) 279 19,598
Total 315 22,865
PROBABLE(a) 64 30,312
POSSIBLE(a) 31,502
Total 379 84,679
(a) Not audited by Von Gonten
John Punzo, Chairman & CEO, stated, "We are very pleased with the findings of this independent reserve report as it stands. As this represents only about 16% of our minerals and we have only been in development for 8 months, with this base and our plans for additional drilling, we feel that we will prove up significantly more reserves as we move ahead. The independent reserve report represents an increase in our oil and gas reserves in a relatively short period of time. Since July 2006 our reserves have increased from a PV-15 of $12.9 million to a PV-10 of $84 million today. I want to thank our entire team for helping Wentworth Energy achieve this important milestone."
Management is pleased with the results of this reserve report and believes that this information will be useful in allowing the Company to accelerate its growth and development. As the Company continues to move forward, it will from time to time commission updates to this independent report.
