PetroWorth Resources Inc.

PetroWorth Resources Inc.

June 05, 2008 14:29 ET

PetroWorth Drilling & Frac Program Update

CALGARY, ALBERTA--(Marketwire - June 5, 2008) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) announced today that drilling operations have commenced at the A-08 (Feenan #3) well on the company's Rosevale permit in New Brunswick. A-08 is a planned step-out well located east of the E-08 (Feenan #2) natural gas discovery well.

The A-08 well will be drilled to a total depth of 2,000 metres, about 500 metres deeper than initially planned, in order to test both the Hiram Brook sand and Frederick Brook shale formations. Drilling is expected to take 12 days to reach total depth.

Following the drilling of A-08, the Precision 176 rig will move to the southwestern part of PetroWorth's Rosevale permit to drill at least two wells on structures that that appear to have very promising conventional and shale gas formations, based on the company's seismic data and on regional drilling experience.

PetroWorth also announced that the frac stimulation program has commenced at the E-08 discovery well. The program involves individual frac stimulation and flow-back of each of the four sand intervals, which have a combined potential net gas pay thickness of 40 metres. When available, final flow results will be reported on the basis of each individual sand interval and as a commingled total.

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.


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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