NEW YORK, NY-- January 17, 2014 - Worldwide Internet, Inc. (OTC Pink: WNTR) announced today it has completed a $5 million dollar acquisition of a 40% interest in a property located over the Marcellus Shale near Erie, Pa. The property is currently appraised at $13 million dollars and provides the company with additional development potential.
The Marcellus Shale gas formation is rich in natural gas resources. It is one of the largest shale regions in the United States; Marcellus shale and is estimated to be the second largest natural gas find in the world. Stretching across New York, Pennsylvania, West Virginia, Ohio and Maryland. The United States Geological Survey (USGS) estimates the formation's total area to be around 95,000 square miles, ranging in depth from 4,000 to 8,000 feet. The 400 year-old rock Marcellus shale formation is estimated to contain more than 410 trillion cubic feet of natural gas and could supply U.S. consumers' energy needs for hundreds of years. The major players in the Marcellus shale include Chesapeake, Range Resources, EXCO Resources, Anadarko, XTO, Rex Energy, Cabot Oil and Gas, EOG and others.
The acquisition was completed in exchange for one million shares of the $5.00 par value Worldwide Series C Preferred shares.
Frank Kristan, President of Worldwide Internet, Inc. stated that, "We look forward to developing this property with our partners. With the increase in natural gas prices, we see an opportunity that will increase the value of our assets. The company is focused on building its diversified portfolio."
About Worldwide Internet, Inc.
Worldwide Internet, Inc. (OTC Pink: WNTR) (www.worldwideinternetinc.com) is in the business of developing technology for internet datacenter services and emergency notifications to the public. The company is focused on making investments to diversify its business operations and holdings.
This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance or results and involve a number of risks and uncertainties. Actual results may differ materially from those expressed or implied in the forward-looking statements as a result of a number of factors, including those described from time to time in filings with the OTC Markets and. undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Phone/Fax: (206) 984-3470
SOURCE: Worldwide Internet, Inc.