PetroWorth Resources Inc.
TSX VENTURE : PTW

PetroWorth Resources Inc.

May 15, 2006 10:41 ET

PetroWorth Provides Corporate Update

CALGARY, ALBERTA--(CCNMatthews - May 15, 2006) - PetroWorth Resources Inc. (TSX VENTURE:PTW); ("PetroWorth") provides this corporate update.

Pursuant to the TSX Venture Exchange's ("the Exchange") review of the Company's affairs, various issues of concern have been identified by the Exchange and consequently these issues still need to be addressed by the Company to the satisfaction of the Exchange. Of these issues, the following are the major areas of concern that remain outstanding:

- The Exchange has reviewed PetroWorth's audited and unaudited financial statements included in the company's prospectus dated September 27, 2005, and is of the view that the financial statements may be materially misstated. The Exchange has referred this specific matter to the Alberta Securities Commission ("ASC") for their review.

- The Exchange is concerned about how the Company accounted for personal expenses incurred by two of PetroWorth's founders and were paid for by the Company;

- The Exchange raised concern about proposed severance payments to two of PetroWorth's founders. This matter has now been recently resolved with no amounts owing by the Company, directly or indirectly, to these founders. Therefore, no severance has been or will be paid.

The Company is working with the Exchange and the ASC to have these and any other outstanding issues addressed and resolved as quickly as possible.

On another matter, Khalid Amin's employment as vice president of the company was terminated on May 5, 2006.

PetroWorth Resources Inc. is a junior oil and gas exploration company with extensive properties onshore in Eastern Canada. The company has acquired 100% working interests in approximately 375,000 ha. / 960,000 acres in four separate exploration permits on Prince Edward Island, Nova Scotia and New Brunswick. For more information about our company, please visit our website at www.petroworth.com

ADVISORY: Certain information regarding PetroWorth, including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involves risks associated with oil and gas exploration, volatility of prices, currency fluctuations, environmental risks, competition from other explorers, and the ability to access sufficient capital from external sources. As a consequence, actual results may vary materially from those anticipated in the forward-looking statements.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of the information contained in this news release.

Contact Information

  • PetroWorth Resources Inc.
    James Trainor, C.A.
    Chairman
    Toll Free: 1-800-331-9756
    Email: jim@AgentsEquity.com