Wentworth Energy Acquires 27,557-Acre Mineral Block in East Texasadmin
Wentworth Energy, Inc. (OTCBB: WNWG) is pleased to announce that it has acquired 27,557 gross acres of oil and gas fee mineral rights in East Texas. The mineral package lies in east central Freestone County and west central Anderson County in the active East Texas Basin. The 27,557-acre mineral block was acquired from Roboco Energy for $17,660,000.
Wentworth Energy Chairman and CEO John Punzo stated, “This represents a significant acquisition for Wentworth Energy and will give us a legacy asset on which to build our Company and the potential to provide our shareholders with increased value as we prove out the property.”
Based on extensive analysis of the mineral block over the past several months, Wentworth Energy believes the property could accommodate as many as 200 oil and gas wells over the next 10 years. The mineral block currently generates annual royalties of approximately $700,000 from existing oil and gas wells that are part of the acquisition.
“This large mineral block is a unique find in the region,” said Michael Studdard, Vice President of Roboco Energy Inc., who will join Wentworth Energy as President and a Director of the Company following the acquisition. “It has been held by a family trust since the 1920s, and represents one of the last large contiguous oil and gas mineral blocks available in the East Texas Basin.”
“The minerals are on a trend with the three most active areas of East Texas; the Bossier Sand, Cotton Valley Lime, and the Cotton Valley Pinnacle Reef Trend,” stated Dr. Tom Temples, Vice President of Exploration with Roboco Energy, who will become the VP Exploration and Production of Wentworth Energy. “Activity within these trends has been high for the past five years and is expected to continue to grow.”
Michael Studdard will replace Gord McDougall, who is stepping down as President to focus on his role as the President of Wentworth’s oil sands subsidiary. McDougall continues as a Director of Wentworth Energy.
About Wentworth Energy, Inc.
Wentworth Energy, Inc. is a diversified energy company focused on the responsible development of America’s natural resources while maximizing shareholder value. Wentworth Energy applies innovative technologies toward the discovery and development of a diverse portfolio of high-value, low-risk energy projects in North America, including the oil and gas fields of East Texas and the Gulf Coast. Wentworth Energy trades under the ticker symbol WNWG. For more information on the Company visit www.wentworthenergy.com
This Press Release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934. A statement identified by the words “expects,” “projects,” “plans,” and certain of the other foregoing statements may be deemed “forward-looking statements.” Although Wentworth Energy believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this press release. These include risks inherent in the drilling of oil and natural gas wells, including risks of fire, explosion, blowout, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks inherent in oil and natural gas drilling and production activities, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; risks with respect to oil and natural gas prices, a material decline in which could cause the Company to delay or suspend planned drilling operations or reduce production levels; and risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in oil and gas prices and other risk factors.
Securities Litigation Reform Act of 1995.
Contacts: Investor Relations: Wentworth Energy, Inc. Barry Forward, Corporate Communications & Investor Relations (866) 214-5833 (817) 288-0983 (FAX)
Corporate Offices: Wentworth Energy, Inc. Toll Free: (877) 329-8388 (817) 288-0983 (FAX)