SAN FRANCISCO, CA — (Marketwire) — 03/22/12 — Worthington Energy, Inc. (OTCBB: WGAS) (“Worthington”), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, takes this opportunity to introduce its current management team. Worthington–s team has over 200 combined years of experience in building Exploration & Production companies, with a history of successfully executing upon similar strategies. The management team, who have drilled or participated in over 100 wells in the immediate production region, consists of the following members:
Mr. Volk brings over twenty-seven years of professional experience running public companies in various industries including oil and gas. In addition to his current responsibilities for Worthington Energy, Mr. Volk has been the Chairman of Bermuda Segregated Funds, Ltd., an open-end mutual fund with offices in Bermuda, since 2007. Prior to that, Mr. Volk was the Chairman & President of Osage Energy Corporation. Mr. Volk was also a co-founder of an operating copper company, Mercator Minerals Ltd., a component of the TSX Mining Index. In 1981, Mr. Volk earned a BS degree in Business Administration from Menlo School of Business Administration in Menlo Park, CA.
Mr. Mason brings over twenty-four years of Executive and Banking experience. Until joining Worthington Energy, from 2010 to current, Mr. Mason has been the Managing Partner of Black Cat Exploration & Production, LLC. Mr. Mason was a Partner at Berkley Square Equity, LLP from 2008 to 2010. Prior to that, Mr. Mason was the Founder and Chief Executive of Meridian Petroleum, an oil and gas exploration and production company, listed on the AIM market in London. From 1987 to 2003, Mr. Mason held positions at various Investment Banks, including Merrill Lynch. In addition to his business experience, Mr. Mason served 13 years in the British Army, from 1974 – 1987, retiring with rank of Major.
Mr. Clayton currently serves on the Board of Advisors for Wilshire Capital Group. He was the Senior Vice President and Chief Financial Officer of Commerce Energy Group, and prior to that, held the same positions with EOTT Energy Partners. Mr. Clayton has also worked as a Consultant with the Financial Advisory Group where he consulted for a number of energy clients. Mr. Clayton attended Rice University where he earned his BA Degree and his MA in Accounting, and has been a Texas CPA since 1979.
Mr. Burden brings forty years of finance, law practice, and operations experience to the Company. He has co-founded and served as an officer, director or management committee member for a variety of companies, including oil exploration. Mr. Burden was a Principal of Judgment Oil & Gas in Luling, TX, an oil production company with over 140 wells. He also co-founded and was a Managing General Partner of AusTex Oil & Gas also in Luling, TX. Mr. Burden earned his BS from the Haas School of Business, Univ. of California, Berkeley, and a JD Degree from Univ. of California, Hastings College of Law, and is an active member of the California State Bar.
Mr. Henry is the President and CIO of CWH Associates, Inc., an investment advisory firm he founded in 1989. He was also Founder and Principal of Dawson-Henry Capital Management, and managed the equity portfolio of J.C. Penney Insurance Co. He was also the President of the Board of Trustees for The Clay Art Center in Port Chester, NY. Mr. Henry earned his BA from Princeton University and an MBA in Finance from Columbia University.
Mr. Jordan brings twenty-five years of experience in energy and natural resources industries. Mr. Jordan is currently the Managing Principal of NP3 LLC, a financial & technical advisory services company, where he has served in engineering, financial and regulatory roles in the energy & natural resources industries. Mr. Jordan has managed private equity investments at Harvard Management Company and Sowood Capital Management. During the early 2000s, Mr. Jordan was responsible for the oversight of 15 oil and gas partnerships in GE Capital–s Structured Finance Group portfolio. During the 1990s, Mr. Jordan ultimately became the group head of CIBC World Markets– $6 billion book. In 1980s he was a senior petroleum engineer for several oil and gas companies, including Petro-Lewis and BHP Petroleum. Mr. Jordan earned his BS degree in Petroleum Engineering from Montana Tech and an MBA in Finance from The University of Pennsylvania–s Wharton School.
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.
Effective January 1, 2010, the United States Securities and Exchange Commission (SEC) now permits oil and gas companies, in their filings with the SEC, to disclose not only “proved” reserves (i.e., quantities of oil and gas that are estimated to be recoverable with a high degree of confidence), but also “probable” reserves (i.e., quantities of oil and gas that are as likely as not to be recovered) as well as “possible” reserves (i.e., additional quantities of oil and gas that might be recovered, but with a lower probability than probable reserves). As noted above, statements of reserves are only estimates and may not correspond to the ultimate quantities of oil and gas recovered. Any reserve estimates provided in this press release that are not specifically designated as being estimates of proved reserves may include estimated reserves not necessarily calculated in accordance with, or contemplated by, the SEC–s latest reserve reporting guidelines. Investors are urged to consider closely the disclosure in Worthington–s Annual Report on Form 10-K available from Worthington at P.O. Box 1148, Zephyr Cove, NV 89448 (attn: Investor Relations). You can also obtain this report from the SEC by calling 1-800-SEC-0330 or from the SEC–s website at .
Statements about Worthington–s future expectations and all other statements in this press release other than historical facts, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Worthington intends that such forward-looking statements be subject to the safe harbors created thereby. The above information contains information relating to Worthington that is based on the beliefs of Worthington and/or its management as well as assumptions made by and information currently available to Worthington or its management. Worthington does not undertake any responsibility to update the forward-looking statements contained in this release.
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