May 19, 2009
PetroWorth: Ferrybank 8:32 Well Commences Commercial Production
Calgary, Alberta -- PetroWorth Resources Inc. (CNSX:PTW) (Frankfurt:T3F) announced today that the 8-32 well in Ferrybank, Alberta is tied into the local pipeline system and has been commercially flowing natural gas at an average rate of approximately 700,000 cubic feet per day since May 1, 2009. The tubing head flowing pressure is averaging more than 500 psi. PetroWorth has a 55% working interest in the well.
It should be noted that the 8-32 well is flowing to the pipeline without the aid of a compressor. Due to the current low price of natural gas, PetroWorth and its operating partner have decided not to install a compressor on the well until natural gas economics improve. Once a compressor is installed, the flow rate at 8-32 will in all likelihood increase significantly.
In late December 2008, the 8-32 well underwent a 20-tonne frac stimulation. The well experienced a post clean-up flow rate of more than 1.2 million cubic feet per day of natural gas at the end of a 48-hour test at a wellhead flowing pressure of 200 psi. The success of the stimulation treatment necessitated the complete reconfiguration of the surface gathering system to allow the well to flow to sales at current flow rate.
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.
Contact: Neal Mednick
PetroWorth Resources Inc.
(416) 214-1551 ext. 225
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.
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