Message #2 From:
NewsBot Date: January 4, 2007 07:30:00 AM
WNWG News Wentworth Energy Announces That It Has Successfully Drilled Its Fourth Well in East Texas
PALESTINE, Texas--(BUSINESS WIRE)--Wentworth Energy, Inc. (OTCBB:WNWG) announced today that it has
successfully drilled its fourth well on its 27,557-acre mineral block in
Freestone County, Texas. The Red Lake Gas Unit #2-W (#2-W) well is one
of four wells drilled by Wentworth Energy during the Company’s
initial East Texas drilling program between September and December 2006.
The Company is now completing the #2-W well, which will include an
independent four point test conducted as per Texas Railroad Commission
regulations to determine the estimated flow rate and the reserves of the
well. Plans are to use a workover rig to simultaneously complete the
third well, the Red Lake Gas Unit #1-R, which was also drilled in
December.
The Red Lake Gas Unit #2-W well was successfully drilled to a total
depth of 5,514 feet and a logs were run from total depth to the base of
the surface casing. Sidewall cores were taken to analyze several
intervals in the Woodbine and Dexter (4,992-5,215’).
The #2-W well encountered over 90 net feet of potential pay in the
Woodbine formation and successfully extended the proved limits
established by Wentworth Energy’s discovery
well (No.1 Brakens' well). Excellent oil shows were reported in the
Woodbine and casing is now being set. Similar to the Red Lake Gas Unit
#1-R well, the #2-W well has six prospective zones, three within the
Lower Woodbine/Dexter interval, and two zones within the Woodbine
formation including one zone that is currently perforated and tested gas
on Wentworth Energy's first discovery - the No. 1 Brakens' well, and a
Sub-Clarksville sand.
“As with the earlier wells, multiple
geological intervals are hydrocarbon saturated and will require
extensive production testing which will commence shortly. When we have
completed testing wells three and four we should be in a position to
start estimating the potential reserves from our 2006 drilling program,”
said Tom Temples, Wentworth Energy Vice President of Exploration and
Production. “The #2-W well, which is located
3000 feet northwest of the Red Lake Gas Unit #1-R well, is the
westernmost offset well drilled to date on our East Texas mineral block.
It is particularly significant in that it proves the continuation of the
reservoir to lower structural elevations and over a large area within
the minerals.”
About Wentworth Energy, Inc.
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,
Barnico Drilling Services, which has serviced East Texas drilling demand
since the late 1970s. 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," 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
The United States Securities and Exchange Commission permits oil and
gas companies, in their filings with the SEC, to disclose only proved
reserves that a company has demonstrated by actual production or
conclusive formation tests to be economically and legally producible
under existing economic and operating conditions. We use certain terms
in this press release such as "reserves," "proven," "undeveloped
proven," "probable," "possible," "potential," and "recoverable," that
the SEC's guidelines strictly prohibit us from including in filings with
the SEC. U.S. Investors are urged to consider closely the disclosure in
our Form SB-2, File No. 333-136878, available from us by contacting the
Investor Relations Department. You can also obtain this form from the
SEC by calling 1-800-SEC-0330.
