PetroWorth Resources Inc.
CNQ : PTWR
FRANKFURT : T3F

PetroWorth Resources Inc.

May 04, 2007 18:00 ET

PetroWorth Resources Inc. Grants Stock Options and Issues Warrants and Shares

CALGARY, ALBERTA--(CCNMatthews - May 4, 2007) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) announced today that effective April 23, 2007, the company's board of directors approved the issue of 850,000 stock options to Directors, Officers, employees and consultants, pursuant to the company's Stock Option Plan. The options have an exercise price of $1.33 per share, expiring on April 23, 2010.

In addition, a further 632,100 stock options were approved on April 30, 2007 to Directors, Officers, employees and consultants, pursuant to the company's Stock Option Plan. The options have an exercise price of $1.50 per share, expiring on April 30, 2010.

PetroWorth also announced that in connection with their respective consulting agreements with the company, 450,000 shares have been issued to certain directors, officers and consultants.

PetroWorth also announced that it has retained Everest Asset Management AG of Zurich, Switzerland to provide consulting and advisory services relating to listings matters in Europe, introductions to potential industry partners, and assistance with future financing efforts in the European investment community. In lieu of payment of Everest's upfront fees and cash retainer, on April 16, 2007 Everest received warrants to purchase 1,000,000 shares of PetroWorth at $1.00 per share for a period of two years.

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 inhouse and through advantageous farm-in arrangements.

CAUTION REGARDING FORWARD LOOKING STATEMENTS

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.

The CNQ does not accept responsibility for the adequacy or accuracy of this release.

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