SAN FRANCISCO, CA — (Marketwire) — 05/08/12 — Worthington Energy, Inc. (OTCBB: WGAS) (“Worthington”), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, provides an update on the status of the Company–s I-1 well. On March 9, Worthington announced that it had acquired a 10.35% Carried Working Interest in the recently drilled I-1 well, plus a 2% Override Interest in the entire Mustang Island 818-L Lease, covering 14,400 acres in the Gulf of Mexico, from Black Cat Exploration & Production, LLC. On March 19, the Company released an estimated timeline for production to begin.
“We had barges loaded with equipment and waiting in the Intra Coastal waters offshore of Galveston, TX for the arrival of the lift boat, The Trinity,” stated Worthington Energy, Inc. President and CEO, Mr. Tony Mason. “We were preparing to announce that we had begun mobilization of the platform for the I-1 well site when we received some regrettable news from Laredo Offshore.”
On Saturday April 28, 2012 the lift boat, Trinity, was en route to Galveston to re-supply before heading on to Corpus Christi to commence the Mustang Island 818 pile driving. The vessel struck an unmarked and unreported sub-sea obstruction which created a 3 foot gash in the side of the boat by the engine compartment. The vessel took on water and was completely without engine power as a result. The Trinity was towed to Cameron, LA for inspection and to begin repairs. The Trinity is expected to be out of commission for at least 2 to 3 months, and the incident, by its nature, is now the subject of a coastguard investigation.
Mr. Mason continued, “Laredo has attempted to locate an alternative lift boat as a replacement for the Trinity for the I-1 well project. Currently, the best available option is the Dularge. It is a slightly smaller vessel than the Trinity, however, it does possess the necessary crane strength to drive the pilings required for the tripod and platform facilities into place. Unfortunately, the Dularge is under contract until the beginning of June, 2012. We are extremely disappointed over this exceedingly unfortunate interruption. However, overcoming obstacles is an everyday occurrence in this business.
“The good news is we now have a kick off date of early June. We will have the barges pre-positioned and ready to move ahead, barring bad weather, which in June in the Gulf is highly unlikely. While we have been delayed, we will not be defeated. I want to thank our shareholders for their continued confidence and support of our efforts, and I look forward to providing you with a much more positive status update,” concluded Mr. Mason.
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 San Francisco, CA. More information can be found on Worthington Energy, Inc. by visiting the company–s website at .
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 220 Montgomery Street #1094, San Francisco, CA, 94104 (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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