Marathon Oil Set to Commence Drilling on Wentworth Energy Mineral Block
16 1์ 2008 - 1:11AM
Business Wire
Wentworth Energy, Inc. (OTCBB:WNWG) announced today that Marathon
Oil Company (NYSE: MRO) is preparing to drill its first deep gas
test well on the Company๏ฟฝs 27,557-acre mineral block in East Texas.
Marathon has been reviewing 3D seismic over the past several months
and is ready to start their first test well that will target the
14,000-16,000-foot Bossier/Cotton Valley trend on the mineral block
located near Fairfield and Palestine, Texas. "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๏ฟฝs 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 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 (CE) (USOTC:WNWG)
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Wentworth Energy (CE) (USOTC:WNWG)
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