PetroWorth Resources Inc.

PetroWorth Resources Inc.

August 06, 2008 14:33 ET

PetroWorth Reports on Operations in New Brunswick

CALGARY, ALBERTA--(Marketwire - Aug. 6, 2008) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) today reported the test flow results from the fraccing of four zones in the E-08 (Feenan #2) well in New Brunswick.

Following a four-zone comingled flow test over a continuous 120-hour period, E-08 flowed at a final rate of 1.058 MMscfe/day (million cubic feet of natural gas equivalent per day) at a flowing tubing pressure of 155 psi and a casing pressure of 347 psi prior to shut-in for pressure build-up measurements.

PetroWorth also reported that the A-63 (Feenan #4) well has reached total depth of 1340 metres and the rig released. Preliminary log interpretations indicate that the well encountered extremely hard metamorphosed Hiram Brook formation rock. Rather than continue to drill down to the Frederick Brook formation at this location, it was deemed prudent to move to a new location where the drilling would be less costly. The original intention of the well at A-63 (located 14.5 kilometres southwest of E-08) was to drill and measure the shale properties in the SW section of lease offsetting a well drilled during the June of 2000 (Beaverbrook well) by another operator located approximately four kilometres northeast of this location. The Beaverbrook well log indicated approximately 600 meters of Frederick Brook interval with inter-bedded shales and siltstones, which required new logging to properly evaluate.

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 drilling programs on these permitted properties, both in-house 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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