FORM 7
MONTHLY PROGRESS REPORT
Name of CNQ Issuer: PetroWorth Resources Inc. (“PetroWorth”)
Trading Symbol: PTWR
Number of Outstanding Listed Securities: 36,193,273
Date: February 12, 2007
Report on Business
1.
During January 2008, PetroWorth:
•
Provided an update on the E-08 (Feenan
#2) well results. Five potential gas zones were encountered in the well with a combined potential gas pay thickness of 40 metres. A frac stimulation of the well is being scheduled for the spring of 2008.
•
Announced a four-well drilling program in New Brunswick and is in the process of sourcing and commissioning a drilling rig.
•
Reported on the frac results at the New Harmony
#1 well in Prince Edward Island.
2.
Management of PetroWorth was involved in the following activities:
•
Designing and commissioning a 2-D seismic program for the Lake Ainslie block acreage in Cape Breton, Nova Scotia.
•
Meeting with drilling and frac specialty companies in Calgary.
•
Making presentations to institutional investors.
3.
Production continued on the first two of seven farm-in wells in Alberta.
4.
No drilling, exploration of production programs were amended or abandoned by PetroWorth during this period.
5.
No new business relationships were entered into by PetroWorth during this period.
6.
No contracts or agreements between PetroWorth and any other parties expired or were terminated during this period.
7.
No acquisitions by PetroWorth or dispositions of PetroWorth’s assets occurred during this period.
2
8.
Not applicable
9.
Not applicable
10.
No new employee hirings, termination or lay-offs occurred during this period.
11.
Not applicable
12.
PetroWorth did not become a party to any legal proceedings during this period.
13.
No indebtedness occurred during this period.
14.
PetroWorth did not issue any securities, options or warrants during this period.
15.
No loans were made to or by Related Persons during this period
16.
No changes in directors, officers or committee members occurred during this period.
17.
The price of oil and particularly, natural gas will impact the revenues generated by any production resulting from PetroWorth’s participation in the seven-well drilling and re-completion program in Alberta.