PetroWorth Resources Inc.

PetroWorth Resources Inc.

March 12, 2008 14:45 ET

PetroWorth Resources: Operational Update

CALGARY, ALBERTA--(Marketwire - March 12, 2008) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) provides the following update on the Company's activities in New Brunswick:

A perforation and testing operation has commenced on the West Stoney Creek E-08 (Feenan# 2) well, which was drilled in November/December 2007. The operation will involve the perforation and individual testing of three sand intervals, as follows:

- Reservoir Sand #5 at 995 metres

- Reservoir Sand #3 at 916 metres

- Reservoir Sand #1 at 780 metres

The testing operation is being managed by the Codeco Energy Group. The results will be used to gain information on the presence and viability of gas zones previously flowed during air drilling operations in December 2007. They will also be used to design and engineer a frac stimulation program. The operation is expected to take two weeks to complete, with results to be reported two weeks thereafter.

An independent petrophysical analysis of the E-08 well identified five sand packages with a combined potential gas pay thickness of 40 metres and an average porosity of 10.1%. During drilling, good gas shows were seen at surface with gas rates measured at 650,000 cubic feet per day.

PetroWorth also announced that the four-well drilling program in New Brunswick will commence in late May after the spring road bans are lifted. The frac stimulation of the E-08 well is also planned for the end of May. Details on the commissioning of a drilling rig and frac company are currently being finalized.

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