SOURCE: Irwin Energy, Inc.

July 08, 2005 16:16 ET

Irwin Energy Inc, Overview of Exploration

VANCOUVER, BC -- (MARKET WIRE) -- July 8, 2005 -- Irwin Energy, Inc. (OTC: IWNN) (the "Company") is pleased to provide an overview of ongoing exploration projects.

Currently, IWNN has a joint venture with Montana Oil & Gas Inc. (MOGI) and contractual obligations with Energy 51 Inc. ("E51"), a private, Calgary-based oil and gas exploration Company to drill a series of exploration projects on a preferred basis in Western Canada. IWNN also has a joint venture agreement with Crossroads Exploration & Production, LLC, a private, Louisiana-based oil and gas exploration Company, to drill projects in Arizona over the next years.

At present, IWNN has working interests in the following projects:

In Alberta, Canada:

* The Westlock Project (12.5% working interest) -- The Operator has moved the production on the 1-5-60-25W4M West Lock gas well up to between 500 and 675 thousand cubic feet per day, or just over a hundred barrels of oil a day equivalent. Pressures are being monitored before a decision to increase the volumes will be made.

* The Sylvan Lake Project (5% working interest) -- this area is controlled in a large part by Energy Trusts, which do little drilling and welcome industry farm out offers. This prospect has the potential to encounter both oil and gas in several (5) Mississippian rock formations. Locally the Mississippian formations are called the Shunda and Pekisko. A 7,200-foot hole is underway to test the Pekisko Sand which is prospective for oil, as well as a Shunda gas zone up the hole.

In Arizona, USA

* The Concho Dome Project (20% working interest) -- IWNN has agreed to drill a 3,223-foot well with the Permian Supai formation as a primary objective.

About Irwin Energy, Inc.

Irwin Energy, Inc., based in Vancouver, B.C. was founded for the purpose of engaging in the exploration for and acquisition, development and production of crude oil and natural gas, and for other related activities. In the oil and gas arena, Irwin Energy seeks out low-risk opportunities to develop positive cash flow from proven and probable oil and gas plays. Irwin Energy plans to grow exclusively through efficient reinvestment of its internally generated cash flow in exploration and production operations, and through limited external financing to build ancillary businesses.

Safe Harbour statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the company's operations, markets, products and prices and other factors discussed in the company's various filings with the Securities and Exchange Commission.

Contact Information

  • Contacts:
    Kristyn Rose

    Andy Leitao