Worthington Energy announced it has finished acquiring oil and gas assets from American Dynamic Resources, Inc. (ADR). The assets include several leases in the Kansas counties of Montgomery, Labette and Wilson. The 3,527 acres involved in the deal contain a total of 140 oil wells and 17 gas wells. Worthington Energy will acquire documented reserves of 1.16 million barrels of oil and 9.8 billion cubic feet of gas.
In addition to leases in Kansas, Worthington acquired ADR's intellectual property for enhanced oil recovery, including patents on thermal enhancement and reservoir management in order to recover heavy oil deposits located in the Kansas leases.
Kansas oil production reached almost 6.4 billion barrels of oil as of 2011, according to the Kansas Geological Survey.
"We are thrilled to be able to announce this positive news for Worthington and its valued shareholders," Worthington Energy Chairman and CEO Charles F. Volk said in a statement. "We have had to overcome several obstacles along the way, but we are once again engaged in the exploration and production of oil and natural gas."
After the acquisition, ADR President and CEO Charles Adams is expected to step into the position of president and chief operating officer of Worthington.