Worthington Energy, Inc. (fka WGASQ)

[xZx]

as i understand it from the Q filings, if the $8.5M non-equity based (asset-backed) credit facility funds, part of it is earmarked to pay off convertible debt (refinancing) and the remainder is to be used for drilling VM-179.

no lender will commit cash to a project without knowing the game plan ahead of time. this is likely a primary reason why the process is so lengthy.

with that in mind, i see no reason they couldn't put the plan into motion immediately after receiving the funds.

it's clearly not going to happen overnight, but with the convertible debt paid, and plenty of reason to "think big" about the future, i'd expect to see a swift revaluation in pps.