Schofield8 Feb 2013 22:06
Found it :
7-Feb-2013
Entry into a Material Definitive Agreement, Completion of Acquisition or
Item 1.01 Entry into a Material Definitive Agreement.
On January 25, 2013, Worthington Energy, Inc. (the "Company") entered into a settlement agreement and mutual release of claims (the "Settlement Agreement") with Anthony Mason ("Mason") and Black Cat Exploration & Productions, LLC ("Black Cat"). Pursuant to the terms of the Settlement Agreement, the Company agreed to pay Black Cat and/or Mason $125,000 in 10 equal payments, with the first payment due March 11, 2013 and the remaining payments every 30 days thereafter until paid in full (the "Settlement Payment"). In the event that the Company obtains a credit facility in an amount equal to or greater than $3,500,000, the full amount of the Settlement Payment then outstanding will become immediately due and payable. In addition, the Company agreed to transfer to Black Cat all title and interest the Company owned in the I-1 well, Mustang Island 818-L lease and other assets acquired from Black Cat pursuant to the Purchase and Sale Agreement between the Company and Black Cat, dated November 14, 2011, as amended by the First Amendment to Purchase and Sale Agreement dated March 5, 2012 (the "Purchase Agreement"). Furthermore, all production from the I-1 well, from the date the well went online (approximately August 30, 2012) was transferred to Black Cat in connection with the Settlement Agreement.
Black Cat agreed to return to the Company for cancellation the 4.5 million shares of the Company it received in connection with the Purchase Agreement as well as all studies and engineering information related to the VM 179 seismic acquisition. Further, in connection with the Settlement Agreement, Mason agreed to resign as President, Chief Executive Officer and a Director of the Company.
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Yep, you're right. Is it a little strange or have we all got to the bottom of this? Reads a bit odd to me the CEO getting paid off and getting the boot - perhaps I'm just not up on this story.
Anyway, WGAS finished 378.46% UP today - shame that that means nothing to us.