Ludlow Issues Research Alert on Worthington Energy ($WGAS)
By: staff reporter, Tom Bustamante
Last Updated: Mar 23, 2012 - 8:20am EST
(NEW YORK)--Ludlow Capital, and equity research firm based in New York City, issued a research alert on Worthington Energy, Inc. (OTC:WGAS), an oil and gas exploration and development company, with a short-term target of $0.08 to $0.10 per share.
WGAS plans to move ahead with the development of their new oil well in the Gulf of Mexico has put the company, and its stock, in a position for a sharp move upward.
As early as April, 01, 2012, the company, in conjunction with Laredo Offshore, plans to mobilize an oil drilling platform from Galveston, TX to their I-1 well site at the first available weather window. Once on location, the platform tripod will be erected, and will bring WGAS one step forward to significant oil production from the site as early as late June to early July.
On March 9, 2012, Worthington acquired a 10.35% Carried Working Interest in the recently drilled I-1 well, plus a 2% Override Interest in the entire Mustang Island 818-L Lease, covering 14,400 acres in the Gulf of Mexico, from Black Cat Exploration & Production, LLC.
In their note to subscribers, Ludlow Research noted the with under 70 million shares outstanding, progressing with the development of their new I-1 well, and improving chart technical indicate WGAS may be positioned for possible move back above its 200-day trendline to a short-term target of $0.08+ per share.
About Worthington
Worthington (f/k/a Paxton Energy, Inc.) engages in the acquisition, exploration, development and drilling of oil and natural gas properties. Worthington is an energy turnaround company whose strategy is to acquire cash flow producing properties with proved and probable reserves, develop the fields by reworking existing wells and drilling new wells. Worthington was founded in 2004 and is based in Stateline, Nevada.
