Utah oil sands play, anyone know this one? Not sure if we should start tracking this yet. Does anoyone know other oils ands plays in the US? It's a pink sheet
quote.barchart.com
Wentworth Energy in Negotiations to Acquire up to an Additional 600 Million Barrels of Oil in Utah Oil Sands
FORT WORTH, Texas--(BUSINESS WIRE)--Aug. 23, 2005--Wentworth Energy, Inc. (PINK SHEETS:WNWG) announced today that it is negotiating to acquire a major land position in a large oil sands project in Utah's Unita Basin. The Company has already signed a letter of intent to acquire an initial 600-acre lease in the project area, and is now negotiating to add several additional large acreages to the total project package. Wentworth Energy has commenced due diligence on the entire project, and subject to that review, anticipates closing the acquisitions within 60 days. According to historic geological reports total recoverable oil reserves on the project are estimated at approximately 100 to 500 million barrels of oil.
John Punzo, Chairman and CEO of Wentworth Energy, states, "This acquisition would represent a significant addition to Wentworth Energy's project portfolio." Mr. Punzo went on to say, "The Unita Basin is a proven oil producing region and we are extremely pleased to have identified such a significant land position in this dynamic and promising area. In addition, Wentworth can secure the use of several new technologies that combined with the incessant demand and soaring oil prices, make development of this property extremely viable and attractive."
The targeted oil sands project is located within the largest bituminous sandstone deposit in the prolific Unita Basin. The oil-saturated sands are in the Mesa Verde Group and the Duchesne River Formation and have been identified at varying depths from the surface to 250 feet. In the past, the cost of producing oil from bituminous sands has been prohibitive, however, with the development of "in situ" (thermal) recovery methods the projected recovery costs have been reduced to a level at which oil from bituminous sands can compete with oil from conventional sources.
Numerous major oil companies including Sun Oil, Texaco, Philips and Shell extensively explored the area during the 1970's. During this period, extraction plans were developed and local operations began but the technology was not economically viable at the time. As part of the agreement Wentworth Energy can retain the rights to use a technology approved in Utah that can extract oil from oil sands economically and with no environmental impact. This technology, which utilizes a solvent closed loop extraction process, was in operation until low oil prices no longer made it economically feasible. A 1997 U.S. Department of Energy study concluded that operating costs for a commercial scale operation utilizing this technology were approximately $8.50 to $13.50 per barrel of oil extracted.
About Wentworth Energy, Inc.
Located in Forth Worth, Texas, Wentworth Energy, Inc. is a diversified energy company focused on the responsible development of America's natural resources while providing maximum shareholder value. Wentworth Energy will apply innovative technologies towards the discovery and development of a diverse portfolio of high value, low risk energy projects such as the Company's opportunities in the Texas Barnett Shale gas play, the prolific oil and gas fields of the Gulf Coast, and the oil sands of eastern Utah. Wentworth Energy trades under the ticker symbol WNWG. For more information on the Company visit www.wentworthenergy.com
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. Such forward-looking statements are made based upon management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Contacts
Crosscheck Capital
Investor Relations:
Alex Johnston, 480-614-2088
fax: 480-614-2089
info@crosscheckcapital.com
or
Wentworth Energy Inc.
877-329-8388
fax: 817-288-0983
www.wentworthenergy.com
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