PetroWorth Resources Inc.
CNQ: PTWR FRANKFURT: T3F Nov 02, 2007 08:50 ET PetroWorth Reports on Feenan #1 Well Preliminary Results
CALGARY, ALBERTA--(Marketwire - Nov. 2, 2007) - PetroWorth Resources Inc. (CNQ:PTWR) (FRANKFURT:T3F) reported today that the Feenan #1 well has been drilled to a total measured depth of 1,500 metres. The well tested the entire Horton section, including the Hiram Brook, Frederick Brook and Dawson settlement formations. Much of the section was drilled on air, with high-resolution temperature and noise logs indicating the presence of natural gas in several sandstone and siltstone intervals within the Hiram Brook and from fractures within the Frederick Brook shales. Electrical logs are being evaluated to determine the most prospective intervals in the well. That evaluation is expected to take about two weeks to complete.
In the meantime, the well is being cased in preparation for fraccing and production testing operations, which will likely take place in early 2008 following the completion of PetroWorth's exploration drilling program in the Rosevale area of New Brunswick.
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 in-house 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 ext. 225 Email: nmednick@petroworth.com |