PetroWorth Resources Inc.
CNQ: PTWR
FRANKFURT: T3F
Oct 15, 2007 11:25 ET
PetroWorth Resources Inc.: Warrants Exercised
CALGARY, ALBERTA--(Marketwire - Oct. 15, 2007) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) announced today the exercise of 1,874,533 warrants into common shares of the company as of the warrant expiry date of October 12, 2007. The warrants were exercised at $2.00 CAD each, yielding net proceeds to the company of $3,749,066.
Update on Activities in New Brunswick
Precision Drilling has informed PetroWorth that Rig #176 has been loaded onto trucks in Nova Scotia and is now being transported to PetroWorth's first drilling location in New Brunswick. The rig is expected to arrive at the site within the next day or two, with drilling to commence later this week. PetroWorth will make an announcement once the well has been spud.
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.
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.
For more information, please contact
PetroWorth Resources Inc.
Neal Mednick
President
(416) 214-1551
Email: nmednick@petroworth.com
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