PetroWorth Resources Inc.

PetroWorth Resources Inc.

September 14, 2007 10:42 ET

Drilling Commences on PetroWorth Permit in Prince Edward Island

CALGARY, ALBERTA--(Marketwire - Sept. 14, 2007) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) announced today that Corridor Resources Inc. ("Corridor") has commenced drilling of the New Harmony #1 well on PetroWorth's Exploration Licence 03-02 (EL 03-02) in Prince Edward Island.

Corridor is the operator of the well and is using Rig #C4, owned by Nabors Drilling. The proposed total depth of the well is 3,234 meters, with the Bradelle formation as the primary target at 2,823 meters. The well is expected to take approximately 40 days to reach total depth.

The New Harmony #1 well is being drilled as part of a farm-in agreement between Corridor and PetroWorth. Under the terms of the agreement, Corridor must drill and complete three wells on EL 03-02 (covering approximately 175,000 acres) in order to earn a 50% interest in that licence. Corridor is paying 100% of the costs of drilling and completing the New Harmony #1 well. If Corridor chooses to drill the second and third exploratory tests wells on EL 03-02, those wells will be funded equally by Corridor and PetroWorth, and must be drilled by October 1, 2008.

In addition, the farm-in agreement gives Corridor the option to drill and complete two wells at locations of its choice and at its sole cost on four other PetroWorth licences in PEI (covering approximately 250,000 acres) in order to earn a 50% working interest in those licences. These wells must be drilled within six months of the spudding of the New Harmony #1 well.

The location of the New Harmony #1 well was chosen based on Corridor's evaluation of PetroWorth's extensive scientific information, including 3-D seismic data covering 25,000 acres.

"This is a momentous and exciting day for our company," said Neal Mednick, president of PetroWorth. "We have spent a considerable amount of time and money accumulating state-of-the-art seismic data on our PEI properties, and we are now beginning to see those efforts pay off."

Update on Activities in New Brunswick

PetroWorth also announced today that it has received all of the required permits and licenses to drill three exploration wells on its licenced property in New Brunswick In addition, the company has applied for a permit to drill a fourth location in New Brunswick.

As previously announced, PetroWorth has commissioned the Precision Drilling Rig #176, which is currently operating in Nova Scotia. The rig is expected to arrive at PetroWorth's first drilling location in New Brunswick before the end of September, and the spudding of that well should take place in early October. PetroWorth intends to drill four consecutive 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.

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