Worthington Energy, Inc. provide its shareholders with an update on the status of the Company's Vermillion Block 179 (VM179) asset. As previously reported, in an agreement with Montecito Offshore, LLC (Montecito) of Louisiana, Worthington acquired a 70% working interest, with a net revenue interest of 51.975%, in 546.875 acres in the Vermilion 179. Located in the shallow waters of the Gulf of Mexico offshore from Louisiana, VM179 is adjacent to Exxon's producing VM164 #A9 well.

"I am pleased to report that we received a commitment letter for an $8.5 million term loan from Ventana Group LLC," stated Mr. Charles F. Volk , Chairman of the Board and recently reappointed CEO and President of Worthington Energy, Inc. "As the terms of the commitment explain, this credit facility is dedicated to developing the VM179 lease and meeting all of Worthington's related financial commitments."

"The Ventana loan will allow us to settle existing convertible debentures related to our VM179 lease acquisition. In addition, it will provide funding for equipment and installation expenses associated with drilling and production costs of new wells," continued Mr. Volk. "$3.5 million will be available immediately upon closing and the remaining balance will be drawn down within 90 days of the initial funding, based on a schedule approved by all parties. As a result of this funding, we anticipate drilling to commence during Q2/Q3 of 2013."

Tags: Worthington Energy