SOURCE: Irwin Energy, Inc.

June 21, 2005 09:30 ET

Irwin Energy Corporate Update

VANCOUVER, BC -- (MARKET WIRE) -- June 21, 2005 -- Irwin Energy, Inc. (OTC: IWNN) (the "Company") is pleased to announce drilling has commenced on its undivided 20% working interest in the 10,021.47-acre Concho Dome leasehold, within the Holbrook Basin in Apache County, Arizona.

Drilling of the initial well is designed to test the depths of oil, natural gas and helium. Test well NZOG 17-1 is being drilled to a depth of 2,200 feet or to a depth sufficient to test the Permian Supai foundation for the presence of oil, natural gas and helium.

The Holbrook basin in east-central Arizona contains Paleozoic rocks including sabkha deposits of Permian age. The sabkha deposits consist principally of fine-grained red beds that are locally interbedded with limestone, anhydrite, and salt. The sabkha deposits in the Holbrook basin are similar in age and character to deposits in the Permian Basin of West Texas. The potential for hydrocarbons and industrial gases in the Holbrook basin is considered high. Evidence includes past production of helium, recent discoveries of carbon dioxide, shows of oil and gas in numerous wells, and a seep and outcrops of petroliferous rocks along the southern edge of the basin. Drilling depths range from less than 4,000 ft to 6,000 ft.

The Supai foundation (Permian) is the principal drilling objective. The Supai foundation has been responsible for most of the oil and gas shows encountered in wells in the Holbrook Basin. These shows indicate the rocks are thermally mature and are in the oil window.

Irwin Energy is also pleased to announce it has concluded and received funds for a private placement arrangement with a private investment firm for the gross amount of US$500,000 before legal and advisory fees.

About Irwin Energy, Inc.

Irwin Energy, Inc., based in Vancouver, B.C., was founded for the purpose of engaging in the exploration for and acquisition, development and production of crude oil and natural gas, and for other related activities. In the oil and gas arena, Irwin Energy seeks out low-risk opportunities to develop positive cash flow from proven and probable oil and gas plays. Irwin Energy plans to grow exclusively through efficient reinvestment of its internally generated cash flow in exploration and production operations, and through limited external financing to build ancillary businesses.

Safe Harbour statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the company's operations, markets, products and prices and other factors discussed in the company's various filings with the Securities and Exchange Commission.

Contact Information

  • Contact:
    Kristyn Rose
    (604) 628-7799
    Vancouver, B.C.