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| | March 06, 2006
Oil and Gas Industry Dealmaker Roger Williams Appointed CEO of Wentworth Oil Sands
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| | -Williams to Lead Commercialization of Petromax Hydrocarbon Separation Technology-
Wentworth Energy, Inc. (OTCBB:WNWG) announced today that petroleum engineer and attorney Roger Williams will assume the role of CEO of Wentworth Oil Sands Inc. Wentworth Oil Sands is a joint venture between Wentworth Energy and Petromax Technologies LLC to develop international oil sands projects using the patented Petromax hydrocarbon separation technology.
"We have the potential to revolutionize the Oil Sands industry," said Williams, who has worked with the development and financing of major oil and gas resources and infrastructure assets around the world. "In the face of dwindling conventional oil and gas reserves, prudent development of known Oil Sands deposits represents the single greatest technical and environmental challenge facing the petroleum industry for the next 25 years."
Wentworth Oil Sands was formed to provide economical and environmentally responsible solutions for maximizing recovery of bitumen and heavy oil from Oil Sands. "The decades-old technology and processes currently being employed by many Oil Sands producers require staggering capital investments and produce undesirable byproducts known as emulsified tailings," stated John Punzo, Chairman and CEO of Wentworth Energy, Inc. Wentworth Oil Sands plans to commercialize the proprietary Petromax technology that will drastically reduce capital costs for recovering bitumen and heavy oil from Oil Sands, as well as potentially eliminate undesirable emulsified tailing waste streams.
"The potential of the Petromax process to make a significant impact in the oil sands industry persuaded me to leave my international law practice," added Williams, who brings to Wentworth over 25 years of professional engineering and senior legal experience with major projects, including onshore and offshore Gulf of Mexico leases, the Trans-Alaska Pipeline System, massive gas fields in Indonesia and the Philippines, and large power plants developed in tandem with upstream oil and gas projects.
"With his background as a professional engineer and a practicing attorney, and his wealth of experience and contacts in the oil and gas sector, we are confident that Roger will lead this important joint venture to success," added Punzo. Williams has managed numerous oil and gas transactions including multi-million-dollar contracts, asset sale and purchase agreements, and mergers and acquisitions. He also has extensive industry experience working for over nine years as a lead engineer for Exxon on several major upstream projects, including strategic planning, financial analyses and reservoir development studies.
Roger Williams is leaving his successful law practice where for the last four years he served as managing partner of Troutman Sanders LLP's Hong Kong office. He has held various legal and petroleum industry positions both as a practicing attorney and professional engineer since 1979. Williams has degrees in petroleum and chemical engineering, and received his law degree from the University of Alabama in 1991. His legal career included practice with Skadden, Arps, Slate, Meagher & Flom LLP in Washington, D.C., Hong Kong and Singapore.
About Wentworth Oil Sands Inc.
Wentworth Oil Sands is a joint venture between Wentworth Energy, Inc., and Petromax Technologies LLC. Formed to develop oil sands projects, the joint venture has exclusive rights to the Petromax hydrocarbon separation technology for Oil Sands and several other specific commercial applications including the marketing rights for Petromax in emulsified Oil Sands tailings remediation, and further rights to market the technology in Canada and the United States including use in the stimulation of oil and gas wells, tank sludge cleaning projects and oil pipeline transportation.
About Petromax Technologies LLC
Petromax is the developer of a proprietary process combining non-hazardous chemical formulations with shearing technology that separates oil and other commodities of value from inorganic material to which it adheres. This process has application to international markets for oil sludge removal, down-hole oil field stimulation, hazardous waste remediation (e.g., Mature Fine Tailings or "MFT"), and Oil Sands development.
About Wentworth Energy, Inc.
Located in Forth Worth, Texas, Wentworth Energy, Inc. is a diversified energy company focused on the responsible development of America's natural resources while driving to maximize shareholder value. Wentworth Energy will apply innovative technologies toward the discovery and development of a diverse portfolio of high-value, low-risk energy projects such as the Company's opportunities in the Oil Sands of eastern Utah, the prolific oil and gas fields of the Gulf Coast, and the East Texas gas play. Wentworth Energy trades under the ticker symbol WNWG. For more information on the Company visit www.wentworthenergy.com
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Wentworth Energy, Inc. (OTC Bulletin Board:WNWG)
Crosscheck Capital
Alex Johnston
Investor Relations
(480) 614-2088
Fax: (480) 614-2089
info@crosscheckcapital.com
OR
Wentworth Energy, Inc.
Corporate Offices
Toll Free: 1-877-329-8388
Fax: (817) 288-0983
www.wentworthenergy.com |
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| | You can view the Next News Releases item: Mon Mar 20, 2006, University Of Alberta Oil Sands Professor Dave Sego Named Executive Vice President of Technology at Wentworth Oil Sands
You can view the Previous News Releases item: Tue Feb 28, 2006, Wentworth Energy and Petromax Technologies Form Joint Venture to Develop Oil Sands Using Patented Technology
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