PetroWorth Resources Inc.

PetroWorth Resources Inc.

December 03, 2007 09:46 ET

PetroWorth Reports on Feenan #2 Results

CALGARY, ALBERTA--(Marketwire - Dec. 3, 2007) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) announced today the results of recent electrical logging operations at the Feenan #2 well on PetroWorth's 34,000-acre license in New Brunswick.

Feenan #2 was drilled to a total depth of 1600 metres. The well was drilled on air from 391 to 1022 metres, and experienced a natural open flow of gas to the wellhead from 774 metres to 1022 metres. A preliminary evaluation of the electrical wireline log data by Telluric Petrophysical Consulting Ltd. indicates more than 36 metres of net gas pay thickness in five sand intervals from 774 to 1001 metres within the Hiram Brook formation, including 19 metres in "Sand 3". The porosities in these intervals range from 6% to 16%, with an overall average porosity of 10.5%. The preliminary petrophysical evaluation of Feenan #2 did not include an assessment of the deeper Frederick Brook formation.

An open flow test of the first three pay zones at 956 metres was conducted by Sonic Air Drilling Services. This test measured a flow rate of approximately 650,000 cubic feet per day and did not include the subsequent gas contributions from the bottom two pay zones.

A full petrophysical evaluation of the electrical logs and core samples will take about two weeks to complete. In the meantime, the well has been cased and suspended in preparation for fraccing and production testing operations in early 2008. The Precision Drilling Rig #176 is being released pending further geophysical and geological evaluations of the Hiram Brook and Frederick Brook formations in the area surrounding Feenan #2.

PetroWorth had planned to drill two additional exploration wells on the southwestern part of the lease. However, in light of the encouraging quantity and quality of gas-bearing sands encountered in Feenan #2, the Company has decided to postpone those two wells and focus on delineating the extent and size of this natural gas discovery. The drilling of the two southwestern wells will likely take place during the first half of 2008.

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.

Contact Information

  • PetroWorth Resources Inc.
    Neal Mednick
    (416) 214-1551 or Cell: (416) 432-0362