Wentworth Energy Agrees to Lease Extension
"The Lessee has identified one additional well location in the deep Bossier formation that they would like to drill, but has deferred drilling until 2010," said David Steward, Wentworth Energy's Chief Executive Officer and Chairman.
The extension will give the Lessee until April 2010 to drill additional deep Bossier/Haynesville wells on the western portion of the 9,197.83-acre lease. In return for the six month extension, the Lessee has assigned 100% of their working interest (with a 75% NRI) in the Lessee's shallow leases on the mineral block to Wentworth Energy, Inc. The shallow leases are from the surface down to 8,521 ft. and include additional rights to test the Pettit formation.
Wentworth Energy has identified three additional shallow well locations with a potential JV Partner out of Tyler, Texas and are continuing to develop additional drill sites. These will be announced once final agreements are signed.
In November 2006, Wentworth Energy granted an exclusive three-year lease on approximately 9,000 acres of Wentworth's mineral block within the East Texas Deep Bossier/Cotton Valley/Haynesville Trend. The three-year lease and a Joint Operating Agreement with Wentworth Energy gave the Lessee the right to drill deep gas wells on the minerals and the opportunity for Wentworth to participate on drilling upper zones (above 8,500 feet) on a 50/50 basis.
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. Wentworth Energy trades under the ticker symbol WNWG. For more information on the Company visit www.wentworthenergy.com.
Contact Information:
Francis Ling, CFO
Wentworth Energy, Inc.
Tel: 604-614-2266
Wentworth Energy Announces Recompletion of Shiloh #3 Well
The Shiloh #3 well is located on Wentworth Energy's 27,557-acre mineral block in east central Freestone County in East Texas. Wentworth Energy owns a 38.50% net revenue interest in the well and is the operator of the well.
Wentworth Energy is currently evaluating possible offset drilling locations for additional Rodessa wells. Wentworth is also evaluating the Rodessa zone in existing well bores on the Company's Anderson County, Texas acreage for possible recompletion.
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. 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," "feels," "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
U.S. Investors are urged to consider closely the disclosure in our Form 10-KSB for the fiscal year ended December 31, 2007 and Form 10-QSB for the quarterly period ended March 31, 2008 available from us by contacting the Investor Relations Department. You can also obtain this form from the SEC by calling 1-800-SEC-0330.
Marathon Oil set to Commence Drilling on Wentworth Energy Mineral Block
"We expect drilling to start on the initial Marathon test well in the first quarter of 2008," said David Steward, Wentworth Energy's Chief Executive Officer and Chairman. "Marathon has contracted the rig it intends to use from a nearby project to drill the Studdard Steward M-1 well, and has indicated drilling will commence once that project is complete and the rig is in place on the Wentworth acreage."
In November 2006, Marathon Oil secured an exclusive three-year lease on approximately 9,000 acres of the Company's mineral block within the East Texas Deep Bossier/Cotton Valley Trend. The three-year lease and a Joint Operating Agreement with Wentworth Energy give Marathon the right to drill deep gas wells on the minerals and the opportunity to partner with Wentworth Energy on drilling upper zones (above 8,500 feet) on a 50/50 basis.
About Marathon Oil
Marathon is the fourth-largest U.S.-based fully integrated international energy company engaged in exploration and production; integrated gas; and refining, marketing and transportation operations. The company has exploration and production activities in the United States, the United Kingdom, Angola, Canada, Equatorial Guinea, Gabon, Ireland, Libya and Norway. Marathon is the fifth largest refiner in the U.S. with 974,000 barrels-per-day of crude processing capacity in its seven-refinery system. The Company's retail marketing system comprises approximately 5,600 locations in 17 states; nearly three-quarters are Marathon brand locations. Marathon serves the Midwest and Southeast as a petroleum products marketer with 85 light product and asphalt terminals and access to approximately 7,700 miles of pipeline. For more information about Marathon, visit the Company's Web site at www.marathon.com
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
Contact Information:
Barry Forward
Corporate Communications & Investor Relations
Wentworth Energy, Inc.
Tel: 1-800-725-9149
investors@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," "feels," "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 Investors
Investors are urged to consider closely the disclosure in our Form 10-KSB for the fiscal year ended December 31, 2006 and Form 10-QSB for the quarterly period ended September 30, 2007 available from us by contacting the Investor Relations Department. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or visiting the SEC website at www.sec.gov
Wentworth Energy Appoints New CEO
"Together with his extensive local experience and intimate knowledge of the Company's 27,557-acre mineral block, David Steward will guide Wentworth Energy through its next stage of development," said John Punzo. As drilling activity on the mineral block increases over the next few months, I believe Mr. Steward is the right choice to take the company to the next level of oil and gas exploration. Not only is he well respected in the Texas oil and gas community, his local knowledge is second to none."
Mr. Steward stated: "I am very excited to take on this leadership role at Wentworth Energy. The company's unique oil and gas asset near Fairfield and Palestine, Texas is underexploited, and with the right people and partnerships in place we have an opportunity as the owners of this large contiguous mineral package to drill both shallow and deep commercial scale oil and gas wells and maximize the property's full potential. I look forward to working with the highly qualified exploration team at Wentworth Energy, and leading the company through this next phase of its development."
David Steward has been an active player in the oil and gas industry for close to 40 years. He is the founder and former president of Horseshoe Energy, Inc., which remains active in numerous exploration ventures, and he is a partner in Steward Energy Resources, a family business he owns with his two brothers. A third generation oil and gas man, Steward is currently involved in the exploration and development of hydrocarbon resources throughout Texas, in particular South Texas, the Gulf Coast and East Texas with ownership in over 143 wells. He has been successfully identifying, exploring and developing oil and gas opportunities for decades and has partnered with numerous large and small companies including Anadarko Petroleum, Amoco, Chesapeake Natural Gas, Texaco, Hunt Petroleum, Marathon Oil, XTO, El Paso, Encana and the legendary Texas businessman Billy Joe "Red" McCombs (McCombs Energy) to name a few.
Steward is a Certified Professional Landman and an active member of the American Association of Professional Landmen. Mr. Steward also owns Steward Estates, which owns a commercial office building and is currently developing an 800-home subdivision near Conroe, Texas. Mr. Steward received a BBA degree from Texas A&I University. Steward has also been active as past Director with Ducks Unlimited, Gulf Coast Conservation Association, and numerous local and national organizations and current member and Pilot with the Civil Air Patrol.
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," "feels," "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 Investors
Investors are urged to consider closely the disclosure in our Form 10-KSB for the fiscal year ended December 31, 2006 and Form 10-QSB for the quarterly period ended September 30, 2007 available from us by contacting the Investor Relations Department. You can also obtain this form from the SEC by calling 1-800-SEC-0330 or visiting the SEC website at www.sec.gov
Contact:
Wentworth Energy, Inc.
877-329-8388
Wentworth Energy Finalizes New Agreements with Senior Secured Convertible Noteholders
As part of the new agreements with the lenders, the Company received an additional $5 million in funding from the noteholders, and the Company intends to apply substantially all of the net proceeds from this funding to a new operational plan for its 27,557-acre mineral block in east Texas. Giving effect to the new financing, the new aggregate face amount of the senior convertible notes is $53,776,572. In addition, the Company negotiated with the noteholders a new conversion price for the senior convertible notes of $0.65.
"With this new agreement in place, the Company may now move forward with the assurance that its primary asset -- the 27,557-acre mineral block -- will remain a key component of its land package," said John Punzo, Chairman and CEO of Wentworth Energy. "This new funding, along with the clarity the agreement brings to our financial picture, allows us to turn our focus back to the development of the East Texas mineral block."
For further details regarding the agreements, investors should refer to the Company's Form 8-K, which will be filed with the Securities and Exchange Commission in a timely manner. The Form 8-K, as well as the Company's financial filings and other disclosure statements, are available through the SEC's website at www.sec.gov.
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 expanding the number of operating wells on its existing acreage in 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,", "feels", "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
U.S. investors are urged to consider closely the disclosure in our Form 10-KSB for the fiscal year ended December 31, 2006 and Form 10-QSB for the quarterly period ended June 30, 2007, which are available from us by contacting our Investor Relations Department. You may also obtain these forms from the SEC by calling 1-800-SEC-0330, or from the SEC's website at www.sec.gov.
Contact:
Wentworth Energy, Inc.
877-329-8388