Worthington Energy report that, effective Wednesday, March 7, the Company completed the Black Cat Exploration & Production, LLC ("Black Cat") acquisition, previously announced on November 17, 2011.

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.

Tags: Worthington Energy