PetroWorth Resources Inc.

PetroWorth Resources Inc.

April 02, 2012 18:00 ET

PetroWorth Announces Settlement of Debt

TORONTO, ONTARIO--(Marketwire - April 2, 2012) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) announced today that it has settled approximately $550,000 of debt owed to arms-length creditors in exchange for a total of $250,000 cash, a promissory note for $300,000 due in two years, and 6,000,000 warrants to purchase common shares of the company @ $0.05 per share for a period of two years.

This debt was incurred as a result of the Company's inability to spend all of its flow-through funds because of permitting delays by regulatory bodies in eastern Canada.

PetroWorth Resources Inc. is a junior oil and gas exploration company with properties in Alberta and Eastern Canada. The strategy of the company is to conduct aggressive exploration drilling programs on these permitted properties, both in-house 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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