TORONTO, ONTARIO--(Marketwire - Aug. 9, 2012) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) announced today that the Nova Scotia Department of Energy has granted a one-year extension to the Company's exploration permit for the Lake Ainslie Block property in western Cape Breton. The permit extension comes in the wake of the Nova Scotia Supreme Court's decision to dismiss an environmental group's appeal of the Industrial Approval granted to PetroWorth by the Nova Scotia Department of Environment.
PetroWorth can now move forward and drill a 1200-metre oil exploration well in West Lake Ainslie. The Company plans to drill the well before the end of this year.
The location for the proposed well is based on the interpretation of seismic data PetroWorth acquired in 2009, and on a number of historic wells drilled in the west Lake Ainslie area, dating back to 1869. Most of these wells reported encountering oil in three sand packages down to a relatively shallow depth of 350 metres.
PetroWorth's selected drill location is up-dip from a well drilled in 1874, which actually flowed and barreled oil for sale to the United States. The proposed well will be at least 800 metres deeper than any of the previous wells in the area. In addition to the shallow oil-bearing zones, the well will target a deeper structure in the Strathlorne formation. If this deeper structure is oil bearing and has the prerequisite structural trapping mechanisms, PetroWorth's consulting geologist estimates that it may contain 30 million recoverable barrels of oil, in addition to the estimated 1 million recoverable barrels of oil in the shallow formations.
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.
All technical information in this release has been reviewed by Gary Walker, P.Geo, who is the Qualified Person for the Company.
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.