PetroWorth Resources Inc.

PetroWorth Resources Inc.

January 17, 2008 12:19 ET

PetroWorth Updates E-08 Results and Announces Four-Well Drilling Program in New Brunswick

CALGARY, ALBERTA--(Marketwire - Jan. 17, 2008) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) announced today that Telluric Petrophysical Consulting Ltd. has completed its petrophysical analysis (including 26 sidewall core samples) of the West Stoney Creek E-08 (Feenan #2) well, which was drilled in November/December 2007. The petrophysical report on E-08 includes the following results:

- Five sand packages have been identified as potential gas zones.

- The combined potential gas pay thickness for these five zones is 40.0 metres with an average porosity of 10.1%.

- Maximum permeability (to air) was 2.01 mD on the highest porosity core sample, suggesting a correlation of increased permeability with increasing porosity.

- The well was drilled with air until a depth of 1023 metres. Over this interval, very good natural gas shows were seen at surface with gas rates measured at 650,000 cubic feet per day. This gas was flared off over a three-day period until the well was switched to a mud system.

- After switching to a mud system, excellent gas readings were measured from 1023 metres to total depth of 1605 metres.

Perforation and testing of the two best zones in E-08 will be conducted as soon as possible. A frac stimulation of the well is expected to take place in the spring when frac equipment and crews will be available in eastern Canada.

In light of the encouraging results at E-08, PetroWorth announces a four-well drilling program on its New Brunswick Rosevale lease. Two wells will be drilled in the area of the E-08 natural gas discovery, plus the two previously postponed exploration wells on the southwestern part of the lease. PetroWorth is now in the process of sourcing and commissioning a drilling rig. The company expects to complete the drilling of all four wells during the first half of 2008.

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.

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