Replies to post #31656 on Worthington Energy, Inc. (fka WGASQ)

[Atlanta1]

the only thing I don't agree with is your "tied up in court" statement.

IR has told me that Montecito is not an obstacle in moving forward with VM-179. of course, that's if IR's info can be believed. I've already caught them in one "inconsistency". maybe they are getting bad info.

hey Bruce/Ron/Warren - want to chime in here?

[xZx]

can you show me where d-bar is listed as one of our assets?

i'd like a link to a filing, please.

the deal isn't even closed yet.

[Belgianshareholder]

http://wenergyinc.com/investor-relations/current-assets/

The Company is in progress of closing the following assets:

D-Bar, 100% Working Interest/Well, Net Revenue Interest/Well 80-85%

This asset is located in the Abilene, Texas area. The Company has executed a Purchase and Sales Agreement (PSA) to acquire 9 shallow oil wells, plus to further drill 5 water injection wells. Along with this, various leases and associated infrastructure owned by D-Bar. Phase 1 will consist of the workover of the 9 shallow oil wells in various formations, with a potential combined production rate of 150-200 bbl/pd. Phase 2 will comprise the development of the entire 3,000 acre position, over 12 leases, with potential towards a 70-90 well workover program. This will include the development of Proven Undeveloped (PUD) locations. The Working Interest per well will be 100% with a Net Revenue Interest per well of between 80 and 85%.

[xZx]

this statement is incorrect:

As for DBar and VM. The company is only able to claim them as assets because one's tied up in court (VM) and the other (DBar) was granted an indefinite amount of time to complete payment on the sale.

the VM asset was purchased for $1.5M+ in cash, plus additional considerations, including equity when the stock was much higher.

unless the sale is rescinded, and montecito has agreed to not litigate this, we own that asset. it's clear in the most recent Q that we are in settlement talks with monecito. jmho.

shall i find that, too?