PetroWorth Resources Inc.

PetroWorth Resources Inc.

September 06, 2011 08:54 ET

PetroWorth to Drill Oil Prospect in Alberta

TORONTO, ONTARIO--(Marketwire - Sept. 6, 2011) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) announced today that it has entered into a farm-in agreement with Calgary-based Pine Petroleum Limited to drill an oil prospect in southern Alberta.

Under the terms of the agreement, PetroWorth will drill and complete an exploration well to a depth of approximately 1,000 metres, targeting several oil zones that are productive in the general area, in order to earn a 50 percent working interest in Pine Petroleum's property. If and when this well goes into production, PetroWorth will receive the majority of the revenue until payout (i.e. until all the costs incurred to drill and complete the well have been recovered). PetroWorth will be the operator on this well, and has retained the services of Calgary-based Canadian Petroleum Engineering Inc. to organize and supervise the operations. Drilling is scheduled to commence in November, 2011.

The proposed well will evaluate several target zones, some of which have recovered oil on drill stem test. The prospect has been identified from satellite imaging, seismic interpretation and offset well control. Sandstone reservoir quality in offset wells is good to excellent. Based on a variety of data, the chance of structural closure is estimated at 70% and the chance of reservoir quality sands is estimated at 80%.

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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