Wentworth Energy buys Utah oil sands leases

Dec. 15, 2005
Wentworth Energy Inc., Forth Worth, acquired 1,900 acres of oil sand leases in Utah's Asphalt Ridge oil sands region. The properties are 3.5 miles southwest of Vernal.

By OGJ editors
HOUSTON, Dec. 15 -- Wentworth Energy Inc., Forth Worth, acquired 1,900 acres of oil sand leases in Utah's Asphalt Ridge oil sands region. The properties are 3.5 miles southwest of Vernal.

The leases were acquired for cash with the seller retaining a 5% overriding royalty interest in the leases. Wentworth did not disclose the seller's identity or what it paid for the leases.

Wentworth Energy Chairman and Chief Executive Officer John Punzo said the goal is to identify appropriate extraction technologies and bring the oil sand leases to production. In addition, these leases also are believed to contain conventional oil and gas reserves.

The company has a diverse portfolio of low risk energy projects, including projects in the Barnett shale.