WNTR Worldwide Completes Five Million Dollar Acq
Post# of 144482
Posted On: 01/17/2014 10:10:10 AM
WNTR Worldwide Completes Five Million Dollar Acquisition
NEW YORK, NY -- (Marketwired) -- 01/17/14 --
Worldwide Internet, Inc. (OTC Pink: WNTR) announced today it has completed a $5 million dollar acquisition of a 40% interest in a property located over the Marcellus Shale near Erie, Pa. The property is currently appraised at $13 million dollars and provides the company with additional development potential.
The Marcellus Shale gas formation is rich in natural gas resources. It is one of the largest shale regions in the United States; Marcellus shale and is estimated to be the second largest natural gas find in the world. Stretching across New York, Pennsylvania, West Virginia, Ohio and Maryland. The United States Geological Survey (USGS) estimates the formation's total area to be around 95,000 square miles, ranging in depth from 4,000 to 8,000 feet. The 400 year-old rock Marcellus shale formation is estimated to contain more than 410 trillion cubic feet of natural gas and could supply U.S. consumers' energy needs for hundreds of years. The major players in the Marcellus shale include Chesapeake, Range Resources, EXCO Resources, Anadarko, XTO, Rex Energy, Cabot Oil and Gas, EOG and others.
The acquisition was completed in exchange for one million shares of the $5.00 par value Worldwide Series C Preferred shares.
NEW YORK, NY -- (Marketwired) -- 01/17/14 --
Worldwide Internet, Inc. (OTC Pink: WNTR) announced today it has completed a $5 million dollar acquisition of a 40% interest in a property located over the Marcellus Shale near Erie, Pa. The property is currently appraised at $13 million dollars and provides the company with additional development potential.
The Marcellus Shale gas formation is rich in natural gas resources. It is one of the largest shale regions in the United States; Marcellus shale and is estimated to be the second largest natural gas find in the world. Stretching across New York, Pennsylvania, West Virginia, Ohio and Maryland. The United States Geological Survey (USGS) estimates the formation's total area to be around 95,000 square miles, ranging in depth from 4,000 to 8,000 feet. The 400 year-old rock Marcellus shale formation is estimated to contain more than 410 trillion cubic feet of natural gas and could supply U.S. consumers' energy needs for hundreds of years. The major players in the Marcellus shale include Chesapeake, Range Resources, EXCO Resources, Anadarko, XTO, Rex Energy, Cabot Oil and Gas, EOG and others.
The acquisition was completed in exchange for one million shares of the $5.00 par value Worldwide Series C Preferred shares.
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