PetroWorth Resources Inc.
CNQ : PTWR
FRANKFURT : T3F

PetroWorth Resources Inc.

July 03, 2008 16:53 ET

PetroWorth: A-08 Well Encounters Hydrocarbon-Charged Sand and Shale Sequences

CALGARY, ALBERTA--(Marketwire - July 3, 2008) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) announced today the results of the drilling of the A-08 (Feenan #3) well in New Brunswick.

A-08 was drilled and cased, following logging operations, to a total depth of 1950 metres. The well is located on the northeast part of the 37,000-acre Rosevale lease, which is situated between the Stoney Creek field to the east and the McCully field to the southwest. PetroWorth has 100% exploration and development rights to this lease.

In order to fully evaluate the hydrocarbon-charged sand and shale sequences encountered within the well, a comprehensive logging suite was run, including high resolution image logs, which are currently being processed. These logs were run to provide more information about the nature of the hydrocarbon resource within the Albert Formation, which includes the Hiram Brook sands, Frederick Brook shale and Dawson Settlement intervals.

The Precision Drilling #176 rig has been moved to the next drilling site (A-63), which is located in the southwest part of PetroWorth's Rosevale license.

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 (416) 432-0362 (cell)
    Email: nmednick@petroworth.com