PetroWorth Resources Inc.

PetroWorth Resources Inc.

December 08, 2011 16:08 ET

PetroWorth Commences Drilling in Alberta; Successfully Bids on Adjacent Lands

CALGARY, ALBERTA--(Marketwire - Dec. 8, 2011) - PetroWorth Resources Inc. (CNSX:PTW) (Frankfurt:T3F) announced today that it has commenced drilling an oil exploration well in the Chin Coulee area of southern Alberta as part of the previously announced farm-in agreement with Pine Petroleum Limited.

The well is being drilled to a total depth of 980 metres and will test the Sawtooth Formation, which is a productive oil reservoir in the Chin Coulee area. The well is located on a surface landscape anomaly identified from satellite imaging and from seismic data, indicating an eroded Mississippian high. With the drilling of this well, PetroWorth will earn a 50% working interest in the Pine Petroleum property.

PetroWorth also announced that in partnership with Pine Petroleum and Gravitas Resources, it has successfully bid on two sections of land contiguous to the property on which the current exploration well is being drilled. As a result, PetroWorth has a 50% working interest in these additional lands, with Pine Petroleum and Gravitas Resources each having a 25% working interest.

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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