PetroWorth Resources Inc.

PetroWorth Resources Inc.

September 08, 2011 09:26 ET

PetroWorth Signs Agreement to Expand Oil Play in Alberta

TORONTO, ONTARIO--(Marketwire - Sept. 8, 2011) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) announced today that it has entered into an agreement with Calgary-based Gravitas Resources Ltd.

Under the terms of the agreement, PetroWorth has until December 31, 2012 to drill and complete an exploration well to earn a 50% working interest in the Gravitas property, which is directly adjacent to the Pine Petroleum Limited property in southern Alberta. On September 6, 2011 PetroWorth announced that it would drill and complete a well on Pine Petroleum's property in November 2011.

If the well on the Pine Petroleum property is successful, the agreement with Gravitas gives PetroWorth the opportunity to expand on that success and maximize oil production from the targeted formations within a prospect that has been identified from satellite imaging, seismic interpretation and offset well control.

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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