SAN FRANCISCO, CA — (Marketwire) — 03/09/12 — Worthington Energy, Inc. (OTCBB: WGAS) (“Worthington”), an energy turnaround company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, is pleased to announce that, effective Wednesday, March 7, the Company completed the Black Cat Exploration & Production, LLC (“Black Cat”) acquisition, previously announced on November 17, 2011.
From the aforementioned acquisition, Worthington will acquire a 2% Override Interest in the entire Mustang Island 818-L Lease, covering 14,400 acres in the Gulf of Mexico, with a 10.35% Carried Working Interest in the recently drilled I-1 well, located on the lease, from Black Cat, a Texas limited liability company.
As per terms of the acquisition, Mr. Anthony (Tony) Mason will be appointed President and Chief Executive Officer of Worthington Energy within 30 days of the closing. Since 2010, Mr. Mason has been the CEO, Owner and Managing Partner of Black Cat, where he managed drilling and completion of the I-1 well located offshore in the Gulf of Mexico, and the construction of the production platform.
Mr. Mason brings twenty-four (24) years of combined professional experience including finance experience in international capital markets in the UK, USA, Australia and Hong Kong, and detailed capital market experience in the USA and UK with publicly traded companies. Mr. Mason has both project and corporate finance experience within the energy industry, specifically in oil & gas, and has a proven track record of financing and developing assets into full scale production.
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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