PetroWorth Resources Inc.

PetroWorth Resources Inc.

September 20, 2011 09:43 ET

PetroWorth Receives Approval to Drill Oil Well in Cape Breton, Nova Scotia

TORONTO, ONTARIO--(Marketwire - Sept. 20, 2011) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) announced today that it has received approval from the Nova Scotia Department of Energy to drill an oil well on the Company's Lake Ainslie Block property (383,000 acres) in Cape Breton.

PetroWorth applied in September 2010 for approval to drill a vertical exploration well to a total depth of 1200 - 1500 metres. The application, which does not include hydraulic fracturing, required separate approvals from the Nova Scotia Departments of Environment and Energy.

On July 29, 2011, the Department of Environment approved PetroWorth's industrial approval application, which addressed issues such as process waste management and groundwater monitoring. The approval by the Department of Energy now clears the way for PetroWorth to move forward with its exploration plans on Cape Breton.

The proposed well location in West Lake Ainslie is based on the interpretation of new seismic data PetroWorth acquired in 2009, and on the results from a number of historic wells drilled in the area, dating back to 1869. Most of these wells reported encountering oil in three sand packages at relatively shallow depths. One well, drilled in 1874, actually flowed and barrelled oil for commercial sale to the United States. PetroWorth's proposed well will be at least 800 metres deeper than any of these previous wells, and in addition to the oil-bearing shallow zones, will target a deeper structure in the Strathlorne formation.

PetroWorth will now endeavour to commission a drill rig. The Company has until July 15, 2012 to drill this well. Further details will be provided as developments unfold.

PetroWorth Resources Inc. is a junior oil and gas exploration company with extensive onshore properties in Eastern Canada.


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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