SAN FRANCISCO, CA, United States, via eTeligis Inc., 05/08/2014 - - 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, takes this opportunity to discuss the Offset Well drilling opportunities that the Company intends to utilize as it prepares to begin oil recovery operations in Southeast Kansas.
"Energy technology is only one of the many benefits that the ADR asset purchase brings to Worthington," stated Worthington Energy President and COO, Mr. Charlie Adams. "Another benefit is a sizable land base. When you capture the land, you capture the value. Worthington can now grow organically by adding projects from its existing land base at a very low cost. Offset well drilling is an excellent example of the potential opportunities for substantial, low cost growth."
An Offset Well is a well drilled on property in geographic proximity to an existing, producing wellbore. Within the Oil & Gas industry these wells are categorized as Proved Undeveloped wells (PUDs).The existing wellbore provides information (offset data) used in planning and developing the offset well. This data minimizes the capital cost of locating an optimal drilling site. Without this data, well planning is an expensive and risky undertaking.
"Recovering oil reserves is always a function of price and technology," continued Mr. Adams. "Traditionally, finding oil has been the most risky part of the business. The costs of exploring for and developing oil and gas reserves and the costs to purchase properties or acquire leases that might contain oil and gas reserves are significant. Conversely, offset drilling has virtually no finding cost which makes this one of the safest, most low risk investments in the energy industry today."
"Offset completions are yielding a reserve value five times the cost of drilling a traditional well and new offset wells can be drilled, completed and producing in a matter of days. Worthington fully intends to capitalize on the competitive and economic advantages provided by offset drilling. The Company is positioned to have long-term, steady production growth guided by an excellent management team and I am excited about the opportunities ahead of us," concluded Mr. Adams.
About Worthington
Worthington 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.
Safe Harbor
Certain statements in this press release regarding strategic plans, expectations and objectives for future operations or results are "forward-looking statements" as defined by the Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, including the risks discussed in the Company's annual report on Form 10-K and the Company's other filings with the Securities and Exchange Commission. Factors that could cause differences include, but are not limited to, history of losses; speculative nature of oil and natural gas exploration, substantial capital requirements and ability to access additional capital; ability to meet the drilling schedule; changes in tax regulations applicable to the oil and natural gas industry; results of acquisitions; relationships with partners and service providers; ability to acquire additional leasehold interests or other oil and natural gas properties; defects in title to the Company's oil and natural gas interests; ability to manage growth in the Company's business; ability to control properties that the Company does not operate; lack of diversification; competition in the oil and natural gas industry; global financial conditions; oil and natural gas realized prices; ability to market and distribute oil and natural gas produced; seasonal weather conditions; government regulation of the oil and natural gas industry, including potential regulations affecting hydraulic fracturing and environmental regulations such as climate change regulations; uninsured or underinsured risks; and material weakness in internal accounting controls. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
Contact
Surety Financial Group, LLC
410-833-0078
SOURCE: Worthington Energy, Inc.
Associated Documentation:
Link to submission on http://www.eteligis.com
WGAS_5-8-2014_LST_ETL.docx
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