PetroWorth Resources Inc.

PetroWorth Resources Inc.

November 03, 2006 19:00 ET

PetroWorth Increases Land Position in New Brunswick with Two New Permits

CALGARY, ALBERTA--(CCNMatthews - Nov. 3, 2006) - PetroWorth Resources Inc. announced today that it has successfully secured the rights to explore for natural gas on two additional permits in the Moncton/Stony Creek area of south New Brunswick. The exploration and development rights cover a total of 7,000 acres, increasing PetroWorth's permitted properties in New Brunswick to 41,000 acres.

All of PetroWorth's permitted properties are located between the McCully natural gas field to the immediate southwest and the Stoney Creek oil and natural gas field to the immediate northeast.

The McCully field is estimated to contain more than one trillion cubic feet of gas-in-place and activities are currently underway to construct gathering lines, a gas plant and a 30-mile pipeline to connect the field to east coast markets through the Maritimes & Northeast Pipeline system.

To date, the Stony Creek field has produced 800,000 barrels of oil and 28 billion cubic feet of natural gas.

"With McCully to the east and Stony Creek to the west, PetroWorth's New Brunswick properties are in an ideal strategic position," said Neal Mednick, president of PetroWorth. "Our job now is to obtain as much good seismic data on these properties as possible and then conduct an aggressive oil and gas exploration program."

PetroWorth is currently conducting an extensive 2-D seismic program on its New Brunswick properties. This program is scheduled to be completed by mid-November 2006.

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.


Contact Information