PetroWorth Resources Inc.
CNQ : PTWR
FRANKFURT : T3F

PetroWorth Resources Inc.

November 08, 2007 10:12 ET

PetroWorth Provides Update New Harmony #1 Results

CALGARY, ALBERTA--(Marketwire - Nov. 8, 2007) - PetroWorth Resources Inc. (CNQ:PTWR)(FRANKFURT:T3F) provides the following update on the results at the New Harmony #1 well, which was drilled by Corridor Resources Inc. ("Corridor") as part of a farm-in on lands held by PetroWorth in Prince Edward Island.

A full evaluation of the well logs and cores was conducted by Telluric Petrophysical Consulting Ltd., a Calgary-based firm specializing in oil and gas petrophysics.

The evaluation indicates that New Harmony #1 encountered a total of 60 metres of potential net gas pay in the Bradelle formation.

As previously announced, the well has been cased in preparation for fraccing and production testing operations scheduled to take place following the fraccing of Corridor's Green Gables #3 well.

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.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

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.

Contact Information

  • PetroWorth Resources Inc.
    Neal Mednick
    President
    (416) 214-1551 (office) or (416) 432-0362 (cell)
    Email: nmednick@petroworth.com