Worldwide Energies Inc.
Worldwide Energies Inc.: Acquisition of the ‘KOON-project’, start of production planned
Worldwide Energies Inc. / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- The company is pleased to announce, that, as already mentioned in January, because of the crisis in the financial markets and also the decreased commodity prices, the company have been able to use this to take advantage and to get an 85%-participation in a low risk natural gas prospect. This so called 'KOON-project' is located in Alabama, USA. Based on the report of an independent geologist from the end of January Worldwide Energies, Inc. expects a reservoir of up to 19.4 BCF of natural gas. Assuming a recovery factor of 50%, the potential recoverable gas reserves (proved undeveloped) would be 9.7 BCF. The target is to drill up to 4 wells as soon as possible to start the production as possible in the first half year of 2009. Based on the geological determination this reservoir can lead to a gross output of ca. 1.4 Million USD p. a. by production at full capacity, which means a payback of the costs within about one year. About Worldwide Energies, Inc.: Worldwide Energies, Inc. was founded in 2004 as an independent investment company focusing on oil- and gas-exploration. The company's core business is the acquisition, development and exploitation of oil and gas fields in the US with its well-developed infrastructure, close-by sales markets and stable social and political structures. Worldwide Energies, Inc. mainly invests in already existing oil- and gas-exploration-projects or projects that can be realized rapidly and especially in innovative technologies with a wide application spectrum. The company's particularly low internal cost is due to lean internal processes and the exploitation of value adding potentials right at source. Worldwide Energies, Inc. spreads its entrepreneurial risk by investing in a well balanced risk-portfolio in projects in various development stages, including risky new exploration projects, the so-called 'wildcat-projects', the reactivation of known wells, the so-called 're-entry' with medium risk profile and also in low-risky already producing wells. Disclaimer / Forward-Looking Statements: This notice is only of general nature and not meant as a tender to subscribe for or sell shares of Worldwide Energies, Inc.. This notice contains forward-looking statements under the U.S. Private Securities Litigation Reform Act of 1995. These statements are based on current expectations, estimates and projections and currently available information. They are not guarantees of future performance. The statements contained herein which are not historical are forward-looking statements that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation, certain delays beyond the company's control with respect to commencement of the exploration and production, risks and uncertainties relating to foreign currency fluctuations; risks inherent in exploration including environmental hazards, industrial accidents, unusual or unexpected geological formations, ground control problems and flooding; risks associated with the estimation of resources and reserves and the geology, grade and continuity of deposits; the possibility that future exploration, development or exploration or production results will not be consistent with the companies' expectations; the inability or failure to obtain adequate financing on a timely basis, the potential for and effects of labour disputes or other unanticipated difficulties with or shortages of labour or interruptions in production; the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations; uncertain political and economic environments; changes in laws or policies, foreign taxation, delays or the inability to obtain necessary governmental permits; and other risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Dover, Feb. 18th, 2009 Worldwide Energies, Inc. 18.02.2009 Financial News transmitted by DGAP ----------------------------------------------------------------------
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