Worthington Energy engages in the acquisition, exploration, development, and drilling of oil and natural gas properties in the United States. The company’s strategy is to acquire cash flow producing properties with both proved and probable reserves.
The company reported yesterday that it has completed the sub-sea tie in connecting the I-1 well pipeline, located in the shallow waters of Kleberg County in the Gulf of Mexico, into the Six Pigs Processing facility’s main offshore pipeline. Worthington has been charging the pipeline, and the I-1 well has been brought online and into production mode. The company has 10.35% interest in the well and a 2% override interest in the entire 1,400 acres of the Mustang Island 818 Lease position in south Texas which was acquired on March 9, 2012.
It will take about one week for the pipeline to fully charge, resulting in gas and condensate flow reaching the onshore processing facility. Initial flow rates from the well are expected to be low while the well cleans up from the various materials that were used in the drilling process. The well clean-up process should take between 45 and 60 days.
One firm recommending Worthington Energy stock is Ludlow Capital which believes that with under 70 million shares outstanding and the progress made on the I-1 well, it may be poised for an upward movement. Certainly significant production from the I-1 well, expected to begin in late October or early November, should be positive for the company’s future outlook.
For additional information about Worthington Energy and its projects, please visit the company’s website at www.wenergyinc.com
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