Message #1 From:
NewsBot Date: December 27, 2006 07:30:00 AM
WNWG News Wentworth Energy Has Successfully Drilled the Third Well on Its East Texas Mineral Block
PALESTINE, Texas--(BUSINESS WIRE)--Wentworth Energy, Inc. (OTCBB: WNWG) today announced that it has
successfully drilled its third well on the Company’s
27,557-acre mineral block in East Texas. Wentworth Energy has drilled
and set production casing on the Red Lake Gas Unit #1-R well (1-R) which
is located in Freestone County, Texas. After setting production casing
on the 1-R well, the rig immediately commenced drilling the Company’s
fourth well, the Red Lake Gas Unit 2-W (2-W), which was spudded on
December 22, 2006.
The Red Lake Gas Unit #1-R well was successfully drilled to a total
depth of 5,516 feet. A log was run from 5,516 feet to the base of the
surface casing and sidewall cores were taken to analyze several
intervals in the Woodbine (4,834’-5,086’)
along with the Dexter Sand (5,138’-5,154’).
Cores were also taken in the Sub-Clarksville sand at 4,482 feet to test
the producibility of this zone. The log and the cores revealed at least
14 feet of excellent oil sand in the Woodbine at 4,835 feet. The core
and log analysis indicated excellent permeability and no signs of
depletion from adjacent wells, making the decision to run production
casing and complete the well an easy one. The well has four prospective
zones, the Dexter sand, two zones within the Woodbine formation that are
currently perforated and tested gas on Wentworth Energy’s
first discovery - the No. 1 Brakens’ well, and
a Sub-Clarksville sand. The Company has plans to begin testing the well
in the Dexter zone, which is the deepest zone.
“This is the first successful offset on the
south end of the structure that our No. 1 Brakens’
well was drilled on,” said Tom Temples,
Wentworth Energy Vice President of Exploration and Production. “We
now have a confirmation well and can begin fully developing the
prospect. We believe that there are at least an additional 8 locations
in this structure left to drill.”
“We are very pleased with the results from
our analysis of the pay sand. It provides the opportunity for more
low-risk drilling locations, which should result in increased oil
production and earnings for Wentworth Energy,”
added Temples.
The Red Lake Gas Unit 2-W well will be drilled to an approximate depth
of 6,000 feet in an effort to establish oil production in the Woodbine
formation. As with the Red Lake Gas Unit #1-R well, it is estimated that
target depth will be reached within a few days of the well being
spudded. It is still unknown in this field to what extent the reservoir
extends to the south which, when tested, could open up further oil
reserves for Wentworth Energy.
Wentworth Energy will drill, complete and then conduct an independent
four point flow test on the Red Lake Gas Unit 2-W well. The Company will
then go back to complete the Red Lake Gas Unit #1-R well and conduct a
four point test on that well. The four point test conducted as per Texas
Railroad Commission regulations determines the estimated flow rate and
reserves from the two wells.
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.
