Worthington Energy, Inc. (OTCQB: WGAS) ("Worthington" or the "Company"), an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, will utilize the Levia Thermal Oil Recovery Process developed by American Dynamic Resources, Inc. ("ADR") to target the vast Heavy Oil deposits in Southeast Kansas and Western Missouri. An estimated 1.6 to 2.4 billion barrels of shallow (100-350 feet) heavy oil have been identified in Vernon, Barton, Jasper and the western portion of Dade and Cedar Counties in Western Missouri. Comparable heavy oil deposits have also been identified in Crawford, Bourbon, Labette and Neosho Counties in Southeast Kansas.
According to the Kansas Geological Survey, as of 2011 Kansas has produced nearly 6.4 billion barrels of oil and 39.3 billion mcf of natural gas. Many industry analysts believe that only a small portion of the original oil reserves found in Kansas have ever been recovered. In the 1920s, Kansas was among the top oil producers in the world and remains 9th in the United States for oil production. Phillips Petroleum (now ConocoPhillips), Getty Oil and Sinclair Oil, among others, all had large operations in the state. Over the years as oil reserves in Kansas became increasingly difficult and expensive to extract with conventional methods, they moved on to other areas.
Thermal oil recovery processes used for recovering heavy oil have traditionally been capital intensive. The equipment, installation and operating costs often make thermal enhanced heavy oil recovery uneconomical. ADR has developed a new, more efficient way to recover the heavy oil and medium gravity oil reserves in Southeast Kansas and Western Missouri. The Levia Thermal Oil Recovery Process uses water that is heated to a specific temperature and then injected into the oil bearing formation to drive oil to the wellbore.
The Levia Oil Recovery Process combines ADR's EcoLift Artificial Lift System (Patents Pending #61896838 and #61897237), which produces oil by utilizing compressed air pumped through a series of valves resulting in oil jetting to the surface where it can be stored, with ADR's High Efficiency Thermal Enhancement Process (Patent Pending #61897233) which utilizes standardized continuous flow, high-efficiency, natural gas hot water heaters to heat oil bearing formations.
"The Levia Thermal Oil Recovery Process uses water that is heated to a specific temperature and then injected into the oil bearing formation to drive oil to the wellbore. It integrates specialized pipe, pumps, fluid lifting processes and water heating capabilities to extract low gravity heavy oil and medium gravity oil profitably. Lower developmental capital requirements, improved lifting techniques and reduced lifting costs improve heavy oil recovery economics in comparison to traditional thermal processes," stated ADR President and CEO, Mr. Charles A. Adams.
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.
Certain statements in this press release regarding strategic plans, expectations and objectives for future operations or results are "forward-looking statements" as defined by the Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties that could cause actual results to differ materially from the results contemplated by the forward-looking statements, including the risks discussed in the Company's annual report on Form 10-K and the Company's other filings with the Securities and Exchange Commission. Factors that could cause differences include, but are not limited to, history of losses; speculative nature of oil and natural gas exploration, substantial capital requirements and ability to access additional capital; ability to meet the drilling schedule; changes in tax regulations applicable to the oil and natural gas industry; results of acquisitions; relationships with partners and service providers; ability to acquire additional leasehold interests or other oil and natural gas properties; defects in title to the Company's oil and natural gas interests; ability to manage growth in the Company's business; ability to control properties that the Company does not operate; lack of diversification; competition in the oil and natural gas industry; global financial conditions; oil and natural gas realized prices; ability to market and distribute oil and natural gas produced; seasonal weather conditions; government regulation of the oil and natural gas industry, including potential regulations affecting hydraulic fracturing and environmental regulations such as climate change regulations; uninsured or underinsured risks; and material weakness in internal accounting controls. The forward-looking statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not undertake any obligation to update the forward-looking statements as a result of new information, future events or otherwise.
Surety Financial Group, LLC
SOURCE: Worthington Energy, Inc.