SOURCE: Irwin Energy, Inc.

June 29, 2005 10:05 ET

Irwin Energy, Inc. Corporate Update

VANCOUVER, BC -- (MARKET WIRE) -- June 29, 2005 -- Irwin Energy, Inc. (OTC: IWNN) (the "Company") is pleased to provide an update on its undivided 20% working interest in the Concho Dome leasehold, within the Holbrook Basin in Apache County, Arizona.

Concho Dome, one of the main anticlines in the Holbrook Basin, encompasses some 16,250 acres. This area presents a multitude of opportunities for multi zone productive capabilities, year-round access to drilling locations, and low operational costs due to the shallow geological structure. The Concho Dome area is large enough to hold substantial reserves of one hundred million barrels of oil and 2.1 trillion cubic feet of gas.

The Concho Dome prospect has the potential to produce from at least five (5) Paleozoic formations with excellent reservoir quality rock (prospective pay zones). The primary objectives are: the Pennsylvanian Naco limestone, the Devonian Martin dolomite, the Devonian McKracken sandstone, the Permian Coconino, and the Permian Supai which contains very porous dolomites and sandstone.

The total land package of the Concho Dome project comprises some 10,021.47 acres (one section or one quarter mile equals 640 acres). Primary drilling spacing in Arizona is as follows: one quarter section spacing (80 acres) for oil; and one section spacing (640 acres) for natural gas.

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

  • For further information contact:
    Irwin Energy, Inc.