Penny Stocks To Watch: Worthington Energy (WGAS)

Oil and Gas Penny Stock Worthington Energy Inc (OTCBB:WGAS.OB) should see some volume traded today after the company reported on Friday the completion of the acquisition of the Texas limited liability company Black Cat Exploration Production LLC from a previous agreement.

Under the agreement, WGAS will acquire a 2% override interest in the entire Mustang Island 818-L Lease, covering 14,400 acres in the Gulf of Mexico as well as a 10.35% carried working interest in the recently drilled I-one well, located on the lease.

WGAS Stock Snap Shot:

Price/Sales (ttm): 280.08
Price/Book (mrq): 0.81
Shares Outstanding: 64.70M
Float: 45.70M
52-Week High (May 5, 2011): 0.26
52-Week Low (Dec 1, 2011): 0.02
Avg Vol (3 month): 287,366
Avg Vol (10 day): 671,075
5-Day Moving Average: 0.04
10-Day Moving Average: 0.04
20-Day Moving Average: 0.05
50-Day Moving Average: 0.05
200-Day Moving Average: 0.05

WGAS 3-Month Stock Chart:

In conjunction with the acquisition, Anthony ‘Tony’ Mason will be named president and chief executive officer of Worthington Energy within 30 days of the closing. Since 2010, Mason has served as CEO, owner and managing partner of Black Cat, overseeing drilling and completion of the I-one well located offshore in the Gulf of Mexico and the construction of the production platform. Subscribe to get our Next Stock Pick FREE.

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