CALGARY, ALBERTA--(Marketwire - Dec. 12, 2011) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) announced today that it has finished drilling an exploration well to a total depth of 967 metres in the Chin Coulee area of southern Alberta. Although the well did encounter reservoir quality sands in the targeted Sawtooth Formation, these sands did not contain commercial quantities of hydrocarbons. As a result, the well has been plugged and abandoned. PetroWorth and its partners will continue to evaluate exploration opportunities on their Alberta lands.
In the meantime, PetroWorth will focus on drilling an oil exploration well on its Lake Ainslie Block property in Cape Breton, Nova Scotia within the first half of 2012.
PetroWorth Resources Inc. is a junior oil and gas exploration company with properties in Alberta and Eastern Canada. 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.
Email this
Share on Facebook
