Replies to post #21288 on Worthington Energy, Inc. (fka WGASQ)

[molecularcd]

Correcto.

That's where the $ went.

On November 1, 2012, the Company sold its 2% overriding royalty interest in the Mustang Island 818-L lease, covering 1,400 acres in the Gulf of Mexico, for $500,000. Proceeds from the sale were used as follows: 1) $200,000 was paid to Black Cat to reduce the principal balance of the junior secured promissory note further described in Note 7 to these condensed consolidated financial statements; 2) $200,000 was disbursed to the Company for working capital purposes; 3) $70,000 was retained in escrow pending the recorded release of the mortgage securing the secured bridge loan note also described in Note 7; and 4) $30,000 was disbursed to legal counsel for amounts owed.