PetroWorth Resources Inc.

PetroWorth Resources Inc.

January 24, 2008 10:09 ET

PetroWorth Reports on New Harmony #1 Well in Prince Edward Island

CALGARY, ALBERTA--(Marketwire - Jan. 24, 2008) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) provides the following report on the New Harmony #1 well drilled by Corridor Resources Inc. ("Corridor") as part of a farm-in on PetroWorth's Exploration License 03-02 in Prince Edward Island.

New Harmony #1 was drilled in October 2007 to a total depth of 3403 metres. A petrophysical evaluation of the logs indicated 60 metres of potential net gas pay over a number of intervals.

Only one of these intervals was fractured in December 2007 with testing operations completed in mid-January 2008. Primarily, formation salt water with small amounts of gas was recovered during the flow test across the interval from 3273 to 3280 metres. This indicates that hydrocarbon gas has migrated through this area and is likely trapped at structurally higher elevations.

It is important to note that New Harmony #1 was drilled in a structurally low position of a tilted graben fault block, and that higher structural positions along the block are still untested. As the farm-in operator responsible for 100% of the drilling costs, Corridor had the right to choose the well location. PetroWorth's geological and geophysical experts preferred to drill a structurally higher location.

Moreover, the fault block tested by New Harmony #1 constitutes a small percentage of the 175,000 acres that comprise Exploration License 03-02. PetroWorth believes that significant hydrocarbon potential remains on all of its licensed properties in PEI. The information gained from New Harmony #1 will be applied to future exploration tests.

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