Profile: Worthington Energy Inc (WGAS.PK)
12 Sep 2016
Worthington Energy, Inc. (Worthington), incorporated on June 30, 2004, is an oil and gas exploration and production company with assets in Texas and properties in the Gulf of Mexico. The Company’s assets in Texas consist of a minority working interest in limited production and drilling prospects in the Cooke Ranch area of La Salle County, Texas, and Jefferson County, Texas, all operated by Bayshore Exploration L.L.C. (Bayshore). The Company’s assets in the Gulf of Mexico consist of a leasehold working interests in certain oil and gas leases located offshore from Louisiana, upon which no drilling or production has commenced as of December 31, 2011, and a 10.35% interest in the recently drilled I-1 well and a 2% royalty interest in 1,400 acres in the Mustang Island Tract 818. On March 21, 2014, the Company acquired oil and gas assets of American Dynamic Resources Inc.
In Texas, the Company has working interests ranging from 4% to 31.75% (net revenue interests ranging from 3% to 23.8125%) in the various wells it has participated. In the Gulf of Mexico, it has a 70% leasehold working interest, with a net revenue interest of 51.975%, of certain oil and gas leases in the Vermillion 179 tract and 10.35% interest in the drilled I-1 well and a 2% royalty interest in 1,400 acres in the Mustang Island Tract 818.
The oil and gas leases are located in the VM 179, which is in the shallow waters of the Gulf of Mexico offshore from Louisiana, adjacent to Exxon's VM 164 #A9 well. VM 179 is at 85’ water depth approximately 46 miles offshore Louisiana in the Gulf of Mexico. Much of VM 179 is impacted by a large regional salt dome. Cumulative production from VM Block 178, to the east of VM 179, totals approximately 56.1 billion cubic feet of natural gas equivalent (Bcfe) and 232 thousand barrels of oil equivalent (MBoe). Cumulative production from VM Block 164, to the north of VM 179, totals approximately 19 MMBoe and 91 Bcfe.
The Company has multiple leases in Montgomery, Labette and Wilson Counties in Kansas. The combined leases contain 140 oil wells and 17 gas wells within 3,527 acres.
Worthington Energy Inc
220 Montgomery St Ste 1094
SAN FRANCISCO CA 94104-3413