Wentworth Energy Commences Drilling on East Texas Mineral Block
Wentworth Energy, Inc. reported that drilling has commenced on the Company’s 27,557-acre mineral block in East Texas . The start of drilling in Freestone and Anderson Counties is the beginning of a continuous drilling program planned for the minerals. Data analysis has identified several drilling prospects that will be drilled by Wentworth Energy’s drilling services subsidiary Barnico Drilling Services, Inc.
“We have now re-entered a well on our initial prospect and are currently testing the Rosdessa formation,” said Michael Studdard, Wentworth Energy President. “Ultimately we are targeting the shallower Woodbine formation, but believe that there may be untapped production in the Rodessa within this structure.”
After the company successfully completed a $32.3 million financing in July 2006, Wentworth Energy acquired the 27,557-acres of minerals and has moved forward to develop plans for a comprehensive drilling program on the mineral block located near Palestine, Texas. To compliment the execution of the drilling program, Wentworth Energy simultaneously acquired East Texas-based Barnico Drilling Inc., an active East Texas oil and gas-drilling contractor. The drilling announced today marks the beginning of a continuous drilling program slated for the minerals over the next several years.
“Our initial development is focusing on enhancing existing Woodbine formation opportunities on the minerals,” said Tom Temples, Wentworth Energy Vice President of Exploration and Production. “This first well is one of four to ten wells planned for the first phase of drilling on the mineral block. During the first phase of the drilling program we are attempting to develop low risk reserves, and drilling offsets to current production on our minerals.”
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. Wentworth Energy 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 that has serviced East Texas drilling demand since the late 1970s. 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.
Contacts: Wentworth Energy, Inc. Barry Forward Corporate Communications & Investor Relations Toll Free: 1-800-725-9149 (817) 288-0983 (FAX)
Wentworth Energy, Inc. Corporate Offices Toll Free: 1-877-329-8388 (817) 288-0983 (FAX)