SAN FRANCISCO, Aug. 15, 2012 /PRNewswire/ -- Worthington Energy, Inc. (OTC: WGAS) ("Worthington"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, reports that the Company continues to make significant progress on the I-1 Well project. Over the past week the I-1 crew completed the pipeline installation and began testing the pipeline in preparation for tying into the main line.
"When completed, the I-1 platform will have the capacity to process 20 million cubic feet of gas per day (mmcf/pd) and 1,000 barrels of oil per day (bbl/pd). This processing capacity will allow us to handle production from the I-1 well, plus up to 3 to 4 additional producing wells located in the vicinity of the platform, from which we will earn our 2% Override Interest," stated Worthington President & CEO, Tony Mason. "Please visit our website, www.wenergyinc.com, for pictures of our work in progress." Worthington has a 10.35% Interest in the I-1 well and a 2% interest in the Mustang Island 818 Lease position.
"On Saturday, August 11, the I-1 crew finished laying the pipeline for the I-1 well," announced Mr. Mason. "After the pipeline installation was completed, the crew began the Pigging operation." Pigging, in the context of pipelines, refers to the practice of using Pipeline Inspection Gauges (pigs) to perform various maintenance operations on a pipeline, including cleaning debris and fluids from, and inspection of, the pipeline. Pigging is accomplished by inserting the pig into the launching station. The launcher is then closed and the pressure driven flow of the product in the pipeline is used to push the pig through the pipe until it reaches the receiving trap - the 'pig catcher'."
"On Sunday, August 12, we pumped the pig and received it at the platform after 1 hour of pumping," explained Mr. Mason. "After pigging, the test flange and the chart recorder, an electromechanical device that records and shows test trends, were installed on the platform and Hydrostatic testing was performed. The results were positive, showing that our pipeline held 2,150 PSI for the required eight hours of testing as mandated by State and Federal authorities. While the pipeline was being tested, we also completed the 4 inch sump pump discharge out line and installed the sump pump."
"On Monday, August 13, we began the mechanical tap operation which involves tying the I-1 line into the main feeder line to the Six Pigs processing facility on shore," continued Mr. Mason. The pipeline tested very well for wall thickness, and the mechanical tap was bolted into place on the pipeline. The line will again be Hydro-tested to 1,125 PSI, after which we will cut the hole and connect the SSTI (subsea tie-in) to the tap."
"I am truly excited about the progress we have made up to this point, as well as our ability to stay on schedule. We expect to begin testing into the line later this week," further stated Mr. Mason. "Initial flow rates from the I-1 well are anticipated to be low while the well cleans up from the various materials that were used in the drilling process, as they are cleaned out of the well bore by the oil and gas produced from the formation. The well clean-up process should take between 45 and 60 days, resulting in significant production beginning in the late October or early November timeframe."
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 www.wenergyinc.com.
Cautionary Note to U.S. Investors
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 www.sec.gov.
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.
Surety Financial Group, LLC
SOURCE Worthington Energy, Inc.
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