PetroWorth Resources Inc.

PetroWorth Resources Inc.

November 29, 2006 14:36 ET

PetroWorth to Participate in Six-Well Exploration and Development Program With Forent Energy

CALGARY, ALBERTA--(CCNMatthews - Nov. 29, 2006) - PetroWorth Resources Inc. (PetroWorth) announced today that it has signed a Farm-in and Participation Agreement with Forent Energy Ltd. (Forent), a private Calgary-based producing oil and gas company with extensive land holdings and a multi-well exploration and development program in south central Alberta.

Under the terms of the agreement, PetroWorth will spend $621,000 on the drilling and testing of two exploration wells and four multi-zone development wells on Forent's land holdings - three near Bruce, Alberta and three near Wetaskiwin, Alberta. The explorations targets were selected from 3-D seismic shot and interpreted earlier this year while the development targets offset proven producing wells.

It is estimated that PetroWorth could realize between 50 and 150 net barrels equivalent(1) per day of production from this program. The majority of the program is scheduled to be completed before year-end, with production coming on stream in the first half of 2007.

(1) Barrels equivalent of gas converted at 6 to 1 ratio

"This farm-in agreement achieves three important objectives for our Company," said Neal Mednick, President of PetroWorth. "First, it will enable us to become a producing oil and gas company and generate significant cash flow in a relatively short period of time. Second, it aligns us with an experienced and highly skilled oil and gas technical team who will be vital to the success of our planned exploration programs in eastern Canada where our focus remains. And third, it opens the door for future farm-in and/or partnership opportunities with Forent."

Dennis Forgeron, President of Forent, stated, "Bringing in a partner in the Bruce and Wetaskiwin projects has helped to advance operations in these areas so we can carry out drilling and testing in 2006, allowing infill and step out programs based on these test results to be carried out in the first half of 2007".

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.

PetroWorth will commence trading on the CNQ stock exchange on Wednesday, December 6, 2006 under the symbol "PTWR".


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