Paxton Energy is now Worthington Energy, Inc. (OTCBB: WGAS) an Oil & Gas company that is developing properties that provide a balance between short and long-term reserves in both the oil and natural gas markets. Oil and gas related activities will focus on acquiring additional properties with potential for development and drilling to establish and maintain a significant inventory of undeveloped prospects. Worthington Energy is a Nevada corporation that was incorporated in Nevada in June 2004. We are a small oil and natural gas exploration and production Company with a minority working interest in limited production and drilling properties in the Cooke Ranch area of LaSalle County and Jefferson County, Texas, all of which interest has been operated by a third party, Bayshore Exploration, LLC.
The Black Cat Exploration & Production, LLC (“Black Cat”) Acquisition
From the aforementioned acquisition, Worthington will acquire a 2% Override Interest in the entire Mustang Island 818-L Lease, covering 14,400 acres in the Gulf of Mexico, with a 10.35% Carried Working Interest in the recently drilled I-1 well, located on the lease, from Black Cat, a Texas limited liability company.
As per terms of the acquisition, Mr. Anthony (Tony) Mason will be appointed President and Chief Executive Officer of Worthington Energy within 30 days of the closing. Since 2010, Mr. Mason has been the CEO, Owner and Managing Partner of Black Cat, where he managed drilling and completion of the I-1 well located offshore in the Gulf of Mexico, and the construction of the production platform.
