Replies to post #54202 on Worthington Energy, Inc. (fka WGASQ)

[ecmoney]

in accordance with this press release. wgas has a 20% interest





SAN FRANCISCO, June 5, 2013 /PRNewswire/ -- Worthington Energy, Inc. (OTCQB: WGAS) ("Worthington" or the "Company"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, announces plans to spud an oil well today in the Vidal Island Oil Field located in Concordia Parish, LA.

Worthington recently entered into a Participation Agreement (the "Agreement") with Britlind Resources, LLC ("Britlind") of Dallas, TX, covering participation in the Britlind #1 Well, which is scheduled to spud today. Per the terms of the Agreement, Worthington will receive a 20% Working Interest in the Britlind #1 Well. Britlind anticipates drilling a total of five wells in the Vidal Island Field, in which, Worthington intends to participate. Array Operating, LLC has been designated as the Contract Operator of the well.

"I am thrilled to be able to deliver this positive news for Worthington and its valued shareholders," stated Worthington Energy, Inc. Chairman and CEO, Charles F. Volk. "The Britlind #1 Well, which is scheduled to spud today, is the first of 5 proven undeveloped (PUD) wells to be drilled in the field." The Vidal Island Field has produced approximately 1 million barrels of oil (MMBO), or 8.6% of the original oil in place (OOIP). In the 5 PUD locations there are approximately 500 thousand barrels of oil (MBO) remaining, or 4.3% of the OOIP, bringing the total recoverable oil for the field to approximately 1.5 MMBO or 12.9% of the OOIP.

The Vidal Island Field was discovered in 1979 by Exxon USA. Exxon developed the field by drilling a total of 12 wells, of which, 2 were dry. The field produced a total of 880 thousand barrels of oil (MBO) and 1.084 billion cubic feet of gas (BCFG) prior to being plugged in 1996, during a period of low oil prices. At the time the field was plugged, the daily production was still more than 70 BOPD and 175 million cubic feet of gas (MCFD) from 4 wells.