PetroWorth Resources Inc.
CNQ : PTWR
FRANKFURT : T3F

PetroWorth Resources Inc.

November 16, 2007 12:35 ET

PetroWorth Spuds Feenan No. 2 Well in New Brunswick

CALGARY, ALBERTA--(Marketwire - Nov. 16, 2007) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) announced today that drilling operations have commenced at the Feenan #2 well in New Brunswick. The well is located in Albert County about one kilometre west of the historic Stoney Creek oil and gas field.

Feenan #2 will be drilled to a total depth of 1600 meters with the aim of encountering the Hiram Brook, Frederick Brook and Dawson Settlement formations. The primary objective of the well is to evaluate the natural gas potential of the Hiram Brook sands at depths between approximately 540 meters and 670 meters. PetroWorth expects it will take 15 days to drill and evaluate the 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 or Cell: (416) 432-0362
    Email: nmednick@petroworth.com