PetroWorth Resources Inc.

PetroWorth Resources Inc.

July 10, 2009 09:06 ET

PetroWorth Commences Seismic Program in Cape Breton

CALGARY, ALBERTA--(Marketwire - July 10, 2009) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) announced today that an 80-kilometre 2-D seismic program is now underway on the Lake Ainslie Block property in Cape Breton, Nova Scotia. The seismic program is being conducted by Conquest Seismic Services Inc. and is expected to be completed in early August.

PetroWorth has 100% exploration and development rights to 383,000 acres on the Lake Ainslie Block. Over the years, numerous oil seeps to surface have been observed on this property. Moreover, in the late 1800s and early 1900s, a number of shallow wells were drilled on the Lake Ainslie Block, most of which encountered oil and/or natural gas. Oil from one of the wells was actually barreled and sold in the United States.

"We have good reason to believe that a significant hydrocarbon system exists beneath this property," said Neal Mednick, president of PetroWorth. "The 2-D seismic program is a vital step towards identifying and developing that system."

PetroWorth also announced that it has engaged Strategic Alliance Corp. to provide investors relations services aimed at increasing public awareness of the company's land position and activities. Under the contract, 100,000 shares of PetroWorth is being issued to Strategic Alliance. Another 100,000 shares of PetroWorth is reserved for issue should the ultimate quantum of work required and performed justify further payment.

PetroWorth Resources Inc. is a junior oil and gas exploration company with extensive onshore properties in Eastern Canada. The Company has acquired 100% working interests in almost one million acres in nine separate exploration permits on Prince Edward Island, Nova Scotia and New Brunswick. The strategy of the company is to conduct aggressive exploration programs on these permits, both internally generated and through advantageous farm-in arrangements.


Certain statements contained herein constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe", and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Corporation believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this report should not be unduly relied upon. The Corporation does not undertake any obligation to publicly update or revise any forward-looking statements. The Corporation has adopted the standard of 6 Mcf:1 BOE when converting natural gas to BOE. BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 BOE is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

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