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Worthington enters into definitive agreement to acquire oil and gas assets


Published Mar 13, 2014
Worthington Energy, Inc.-3

Worthington Energy, Inc. has entered into a Definitive Agreement (the "Agreement") to acquire the oil and gas assets of American Dynamic Resources, Inc. (ADR) and Heavy Oil Technology and Intellectual Property from ADR President and CEO, Mr. Charles Adams on or before April 15, 2014.

Worthington will acquire the assets of ADR consisting of multiple leases in Montgomery, Labette and Wilson Counties in Kansas. The combined leases contain 140 oil wells and 17 gas wells within 3,527 acres, including documented reserves of 1,163,618 barrels of oil and 9.8 BCF of gas. Worthington will pay 35,000,000 shares and $50,000 to ADR for these assets.

Tags: Worthington Energy




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