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Wentworth Energy in Negotiations to Acquire up to an Additional 600 Million Barrels of Oil in Utah Oil Sands.


FORT WORTH, Texas Fort Worth is the fifth-largest city in the state of Texas, 18th-largest city in the United States[1], and voted one of "America’s Most Livable Communities.  -- 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 Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired.  on the entire project, and subject to that review, anticipates closing the acquisitions within 60 days. According to according to
prep.
1. As stated or indicated by; on the authority of: according to historians.

2. In keeping with: according to instructions.

3.
 historic geological reports total recoverable oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints.

Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally
 on the project are estimated at approximately 100 to 500 million barrels of oil.

John Punzo, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board.  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 bi·tu·mi·nous  
adj.
1. Like or containing bitumen.

2. Of or relating to bituminous coal.

Adj. 1. bituminous - resembling or containing bitumen; "bituminous coal"
 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 In place. When something is "in situ," it is in its original location. " (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 operating costs nplgastos mpl operacionales  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 Ticker Symbol

An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors
 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and  of 1995.
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Copyright 2005, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

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Publication:Business Wire
Date:Aug 23, 2005
Words:579
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