Las Vegas, NV -- (SBWIRE) -- 02/12/2013 -- Worthington Energy Inc (PINK:WGAS) has dropped about 19 percent today and is trading at $0.02. The company?s highest in last 52 weeks is $0.60 and lowest traded value is $0.01. Today the Worthington Energy traded volume is close to 8 million whereas its average volume traded is 2.6 million.
Recently the Worthington Energy decided to update its shareholders about the status of the company?s Vermillion Block 179 asset. Worthington Energy has entered into agreement with Montecito Offshore. The company will be having 70 percent working interest with 51.9 percent of revenue interest in area of about 550 acre at Vermillion 179.
Worthington Energy management is optimistic about this new agreement and stated that $8.5 million loan has been approved by Ventana Group. According to terms of agreement, the credit will be utilized for the development, drilling, installation of equipment etc at Vermillion 179.
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