Worthington Energy Reports First Sales of Oil and Gas from I-1 Well
by Worthington Energy
|Tuesday, December 04, 2012
Worthington Energy, Inc., an energy company engaged in the acquisition, exploration, development and drilling of oil and natural gas properties, is pleased to announce the Company's first sales of oil and gas from its I-1 Well located in the Mustang Island 818-L Field, based on information provided by the operator, Dominion Production Company LLC.
Following the successful 24-hour flow test conducted on October 15, 2012, and the subsequent return to continuous operations, clean-up of the well has continued concurrently with pressurization of the flow line to the "Six Pigs" processing facility onshore. Once necessary operating pressures to supply the transmission network were achieved, the first oil and gas sales were recorded on December 1, 2012.
"We are delighted that the Company has achieved such an important milestone; our first oil and gas sales from the I-1 Well," stated Worthington President and CEO, Mr. Tony Mason.
"Unfortunately, on the heels of our good news, we received notification from Dominion that the main interconnect pipeline, operated by Exxon Mobil, was to be shut down immediately for urgent repairs. We anticipate that these repairs will be completed shortly. There are numerous wells, from a variety of other operators, that flow into the pipeline and they will all be shut down during this repair period.
This unexpected production delay does not reduce the value of our asset, or its anticipated revenue stream once production resumes. Revenue generated from the well will improve cash flow and will facilitate advancing towards the next phases of our development and growth," concluded Mr. Mason.
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