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| | January 24, 2006
Wentworth Energy Acquires Producing Permian Basin Oil and Gas Leases with Possible Reserves of Over 2 Billion Cubic Feet of Gas
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| | Wentworth Energy Inc. (OTCBB:WNWG) announced today that it has acquired a 63.75% working interest in producing West Texas Permian Basin oil and gas leases in a cash transaction. The acquisition includes fifteen 10-acre tracts in the West Cardinal field located in Pecos County approximately 150 miles south of Midland, Texas.
As part of the acquisition the Company acquired access to a 12-mile long pipeline with the 15 wells on the property. Wentworth Energy plans to spend up to $400,000 to bring production to between 200 and 300 MCFGPD and 10 BOPD.
John Punzo, Chairman and CEO of Wentworth Energy, stated: "This acquisition gives us a strong foothold in the vast West Texas Permian Basin. We were able to secure the property and negotiate excellent terms based on our management team's ability and experience to bring these types of oil and gas properties into production."
Mr. Punzo went on to state, "This acquisition was a direct result of our strategy to leverage our management team's strong network of contacts to uncover undervalued prospects with significant upside potential. This area of Texas is one of the most well-established oil and gas regions in the state."
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 providing maximum shareholder value. Wentworth Energy will apply innovative technologies towards 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 Texas Barnett Shale 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: Tue Jan 31, 2006, Wentworth Energy Acquires Upper Gulf Coast Oil and Gas Prospect
You can view the Previous News Releases item: Wed Jan 18, 2006, Wentworth Energy Secures $1.5 Million Institutional Financing from Cornell Capital Partners LP
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