PetroWorth Resources Inc.

PetroWorth Resources Inc.

May 06, 2008 09:44 ET

PetroWorth: New Brunswick Drilling Program to Include Shale Gas Test

CALGARY, ALBERTA--(Marketwire - May 6, 2008) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) announced today that its upcoming four-well drilling program will now include a test of the deeper shale gas opportunities on the company's licensed properties in New Brunswick.

PetroWorth initially planned to contract a smaller drilling rig to drill the four wells to a maximum depth of 1500 metres, which would test only the Hirambrook sands. However, in light of the recent shale gas developments in the Quebec lowlands, in the Appalachian region and New Brunswick (to see the map entitled "Northeast Shale Gas Plays", please follow this link:, the company decided to commission the Precision Drilling 176 rig, a double rig capable of drilling to 2,500 metres. The four-well program is scheduled to commence in June. Two of the drilling sites have already been permitted, with the remaining two sites in the process of being permitted.

PetroWorth also announced that it has commissioned BJ Services Company Canada (BJ), based in Calgary, to conduct a frac stimulation of at least four zones in the West Stoney Creek E-08 (Feenan #2) discovery well in New Brunswick. BJ has extensive experience and a tremendous track record of success in fraccing wells onshore eastern Canada, especially in New Brunswick. The E-08 well was drilled in November 2007 to a total depth of 1605 metres and tested only the Hirambrook sands. While drilling on air, gas was flared at surface at a rate of approximately 650,000 cubic feet per day. An independent petrophysical analysis of the well calculated a combined potential gas pay thickness of 40 metres within five sand zones with an average porosity of 10.1%. Recent perforation and testing of two of the sands zones yielded encouraging results, confirming that the well is an excellent candidate for the frac stimulation, which is scheduled to commence around the end of May.

"The summer will be an exciting time for our company, with numerous activities on a variety of fronts," said Neal Mednick, president of PetroWorth. "We are optimistic about the prospects for a successful frac at E-08 and we expect to expand on this discovery with the drilling of additional wells."

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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