Oil prices may have dropped during today’s trading session, but make no mistake, Worthington Energy Inc. (WGAS) knocked it out of the park today. After bringing their I-1 well going live, WGAS stock took a few hours before traders took notice to the news and drove the PPS to as high as 2 cents. Since they completed the sub-sea tie in connecting the I-1 well pipeline, the Company is that much closer to booking their first 2012 revenues.
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WGAS Stock Chart
Current Price: 0.0151, up 0.0081 (115.71%)
Dollar Volume: $230,013
Average Trade Size: 65,955
Issued and Outstanding: 231,465,299
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With a 10.35% interest in the I-1 well, Worthington started charging the pipeline and brought the well on line and into production mode. With an additional 2% override interest in the entire 1,400 acres of the Mustang Island 818 Lease position where the I-1 well is located, WGAS stock is seeing a massive recovery from its 0.0036 low set back on the 13th of July.
With 166.77 million shares issued between January 1 and August 14, WGAS stock price has been able to have a short spurt to 0.145 in the spring of this year and is likely set to stick around this level until some more wells can be tapped and brought on line.
About WGAS Stock
Worthington Energy, Inc. commenced acquiring working interests in oil and gas properties in June 2005. The Company owns oil and gas properties in the Cooke Ranch prospect in LaSalle County, Texas, where the Company is engaged primarily as a joint interest owner with Bayshore Exploration L.L.C. in the acquisition, exploration, and development of oil and gas properties and the production and sale of oil and gas.
In May 2011, the Company acquired a 70% leasehold working interest, with a net revenue interest of 51.975%, in certain oil and gas leases in the Gulf of Mexico. And in March 2012, the Company acquired certain assets from Black Cat Exploration & Production LLC consisting of a 2% override interest in the Mustang Island 818-L lease, covering 14,400 acres in the Gulf of Mexico, with a 10.35% carried interest in the recently drilled I-1 well, located on the lease.
Bottom Line: WGAS is going to end Thursday’s trading session in the top 10 penny stocks traded. Worthington reckons it will take a week to fully charge the pipeline which is when gas and condensate flow should arrive at the onshore processing facility. Therefore, expect to see another pop in WGAS when that news hits.
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