PetroWorth Resources Inc.

PetroWorth Resources Inc.

September 28, 2007 14:56 ET

PetroWorth Provides Update on New Harmony #1 Well in PEI and Pending Drilling Activities in New Brunswick

CALGARY, ALBERTA--(Marketwire - Sept. 28, 2007) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) reported today that the Nabors #4 (double) drilling rig has run and cemented intermediate casing at a depth of 1,952 meters and is now drilling ahead at just over 2,100 meters at the New Harmony #1 well in Prince Edward Island. The well is being drilled by Corridor Resources Inc. as part of a farm-in on lands held by PetroWorth. Corridor expects to complete drilling, logging and casing operations at New Harmony by mid-October. If the well is successful in encountering natural gas, Corridor plans to frac and flow-test the well later in October.

Update on New Brunswick Drilling Program

PetroWorth was informed today by Precision Drilling that Rig #176 is behind schedule in the drilling of a well for another company in Nova Scotia. As a result, the rig is now expected to arrive at PetroWorth's first drilling location in New Brunswick during the second week of October 2007. All of the necessary construction, including the drilling pad, has been completed at the first drilling location so that operations can commence immediately once Rig #176 arrives. As previously announced, PetroWorth plans to drill four wells on its New Brunswick property.

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.

Contact Information