PetroWorth Resources Inc.

PetroWorth Resources Inc.

January 04, 2007 09:15 ET

PetroWorth Closing in on Commercial Production

CALGARY, ALBERTA--(CCNMatthews - Jan. 4, 2007) - PetroWorth Resources Inc. (CNQ:PTWR) (FWB:T3F) is pleased to provide the following update on the company's farm-in drilling and recompletion program with Forent Energy Ltd. in Alberta.

To date, operations on five wells in the six-well program have been successfully carried out - three in the Bruce Area and two near Wetaskiwin. Both areas are established oil and gas producing regions of Alberta. The presence of natural gas was detected in every well by the gas detectors equipped to the drilling rig. Logs indicate the potential for multi-zone completions (primarily natural gas) in each well, which is in line with the company's expectations.

All five wells have been cased and well completion programs are now being designed to test the various zones encountered to confirm the presence of gas or oil and establish if the wells are capable of producing at economic rates. All economic zones will be tied into the local pipeline infrastructure, with commercial production expected in the second quarter of 2007. The well completion programs are expected to commence by the end of January.

The final well in the six-well program, located near Wetaskiwin, is expected to be spudded in the first quarter of 07.

"The program we set out to achieve was very aggressive," said Neal Mednick, president of PetroWorth. "We are ahead of schedule, on budget and confident that PetroWorth will soon become a commercial oil and gas producer. We've aligned ourselves with some proven oil and gas industry players, and we look forward to commencing operations on our onshore east coast properties similar to these operations in the west."

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 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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