Wentworth Energy Announces Completion of Red Lake Gas Unit #1-R Well
Wentworth Energy, Inc. is pleased to announced the completion of the Red Lake Gas Unit #1-R well (“1-R”) in Freestone County, Texas. A four point test of the 1-R well yielded a calculated absolute open flow rate of 1.7 million cubic feet of gas per day. The 1-R well is an offset to Wentworth Energy’s first gas discovery, the No. 1 Brakens’ well that tested at stabilized flow rates of 2.1 million cubic feet (MMcf) of gas per day.
“The independent four point flow test conducted as per Texas Railroad Commission regulations has confirmed the commercial viability of the 1-R well as a gas producer,” said Tom Temples, Wentworth Energy Vice President of Exploration and Production. “The gas flowed from two zones in the Woodbine sand over a gross interval from 5,140 to 5,148 feet. The well had a calculated bottom hole pressure of 1995 psi. Gas quality is high, with 98.646% combustible gases and a BTU of 1026.9 per cubic feet. Shallower gas bearing sands will be tested later.”
The Red Lake Gas Unit #1-R well is the first of at least eight locations offsetting Wentworth Energy’s No. 1 Brakens’ discovery well the Company plans to drill over the next several months. Drilling of the 1-R well commenced in mid-December 2006 and was drilled by Barnico Drilling’s Rig #7 to a total depth of 5,516 feet.
Drilling and production facilities are currently being installed to handle production from the No. 1 Brakens’ and 1-R wells with first production anticipated in the 1st Quarter of 2007.
On February 1, Wentworth Energy announced that it had acquired a 50% working interest in two additional producing gas wells in Freestone County, Texas. These two wells are located on the Company’s 27,557-acre mineral block south of the No. 1 Brakens’ discovery well. Wentworth Energy acquired the two wells to gain drilling access to 640 acres of property that was held by these producing wells. Wentworth Energy believes there are a minimum of four offset locations from these new wells that it plans to develop to add additional reserves and production in several formations.
About Wentworth Energy, Inc.
Wentworth Energy is an independent exploration and production company focused on developing North American oil and natural gas reserves. The Company owns a 27,557-acre mineral block in east central Freestone County and west central Anderson County in the active East Texas Basin, as well as an active oil and gas contract drilling company, Barnico Drilling, Inc., which has serviced East Texas drilling demand since the late 1970s. Wentworth, through its subsidiary Barnico Drilling, is focused on rapidly expanding the number of operating wells on its existing acreage in East Texas. 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. 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,” “anticipates” 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.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. We use certain terms in this press release such as “producer,” “producing,” “production,” “commercial viability,” and “reserves” that the SEC’s guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form SB-2, File No. 333-136878, and our Form 10-KSB for the fiscal year ended December 31, 2005 and Form 10-QSB for the quarterly period ended September 30, 2006 available from us by contacting the Investor Relations Department. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Contact:
Wentworth Energy, Inc., Palestine Barry Forward, 1-800-725-9149 Corporate Communications & Investor Relations
investors@wentworthenergy.com
Source: Wentworth Energy, Inc.
