Petroworth Resources Inc.

Acquisition and exploration of onshore oil & natural gas properties in Eastern Canada.

Free
Message: To Complete 500-Metre Shale Oil & Gas Zone at A-08 Well in New Brunswick
Reply New Message
Prev Message Back To Forum Threaded View Next Message

To Complete 500-Metre Shale Oil & Gas Zone at A-08 Well in New Brunswick

posted on Feb 06, 2009 03:51AM
February 6, 2009
PetroWorth to Complete 500-Metre Shale Oil & Gas Zone at A-08 Well in New Brunswick
CALGARY, ALBERTA--(Marketwire - Feb. 6, 2009) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) today announced that it will conduct a hydraulic frac completion program on a 500-metre shale oil and gas zone in the A-08 (Feenan #3) well in New Brunswick. A-08 was drilled in June 2008 to a total depth of 1950 metres.

The design of the completion program will be based, in part, on the results of a geochemical assessment of the oil shale, shale gas and hybrid tight sand/shale prospects of the Albert Formation and associated sediments within the company's leased blocks in the Moncton subbasin. Conducted by Dr. P.K. Mukhopadhyay ("Dr. Muki") of Global Geoenergy Research Ltd., the assessment involved a number of factors, including: a) selected log interpretations; b) correlations on the thickness of the Frederick Brook member sediments; c) thickness contours of both the Hiram Brook and Frederick Brook member sediments; d) source rock geochemical data; e) physical properties of selected reservoirs; and f) reservoir hydrocarbon production testing interpretations.

Dr. Muki's 101-page report provides a number of noteworthy findings:

- Alternate sequences of calcareous and dolomitic sandstone, calcareous black shale and siltstone units of the Frederick Brook member dominate the lower portion of the section while alternate shale, siltstone and sandstone dominate the upper section.

- In PetroWorth's A-08 well, most sediments are lacustrine, excellent organic rich (1-4.5% Total Organic Carbon) algal (alginate and amorphnite) derived oil prone source rocks with major oil prone shale sections and gas prone sand section source rocks with a gas condensate window.

- The zones in both PetroWorth E-08 (Feenan #2) and A-08 wells have a combination of major oil prone (shale section) and gas prone (sand section) resource rocks.

- Geochemical lab results indicate optimum maturity for oil and gas generation in the source rock sediments of the Hiram Brook and Frederick Brook members. This data clearly demonstrates the likely presence of medium-sized conventional oil (28-40 API gravity) and unconventional shale oil resources at relatively shallow depths. Additionally, unconventional shale gas prospects exist within the overall hydrocarbon-charged interval including the Hiram Brook and Frederick Brook members.

- Additionally, the study recommended that the tectonically undisturbed Frederick Brook shale in the southwest axial part of the lease within a depth of 1800-3000 metres in the Moncton Subbasin should be targeted for future drilling.

The post-frac well test at the E-08 (Feenan #2) well previously reported both oil and gas production from an over-pressured zone. This observed oil and gas is now better understood and consistent with the geochemical analyses conducted by Dr. Muki, thus providing independent third party verification of PetroWorth's well tests.

Based on Dr. Muki's findings, Petroworth is now designing a multi-stage fracture completion program for the 500-metre potential oil and gas zone in the A-08 (Feenan #3) well. The program is expected to be conducted in the spring/summer of 2009. In the meantime, the company is investigating pipeline options and other methods of natural gas transportation in order to move these resources to market.

"Dr. Muki's work has been extremely helpful in defining the nature and size of the oil and natural gas resources on our company's leases in the Moncton subbasin," said Neal Mednick, president of PetroWorth. "This information will be very important in attracting sophisticated joint venture partners."

PetroWorth Resources Inc. is a junior 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 programs on these permits, both internally generated and through advantageous farm-in arrangements.
CALGARY, ALBERTA--(Marketwire - Feb. 6, 2009) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) today announced that it will conduct a hydraulic frac completion program on a 500-metre shale oil and gas zone in the A-08 (Feenan #3) well in New Brunswick. A-08 was drilled in June 2008 to a total depth of 1950 metres.

The design of the completion program will be based, in part, on the results of a geochemical assessment of the oil shale, shale gas and hybrid tight sand/shale prospects of the Albert Formation and associated sediments within the company's leased blocks in the Moncton subbasin. Conducted by Dr. P.K. Mukhopadhyay ("Dr. Muki") of Global Geoenergy Research Ltd., the assessment involved a number of factors, including: a) selected log interpretations; b) correlations on the thickness of the Frederick Brook member sediments; c) thickness contours of both the Hiram Brook and Frederick Brook member sediments; d) source rock geochemical data; e) physical properties of selected reservoirs; and f) reservoir hydrocarbon production testing interpretations.

Dr. Muki's 101-page report provides a number of noteworthy findings:

- Alternate sequences of calcareous and dolomitic sandstone, calcareous black shale and siltstone units of the Frederick Brook member dominate the lower portion of the section while alternate shale, siltstone and sandstone dominate the upper section.

- In PetroWorth's A-08 well, most sediments are lacustrine, excellent organic rich (1-4.5% Total Organic Carbon) algal (alginate and amorphnite) derived oil prone source rocks with major oil prone shale sections and gas prone sand section source rocks with a gas condensate window.

- The zones in both PetroWorth E-08 (Feenan #2) and A-08 wells have a combination of major oil prone (shale section) and gas prone (sand section) resource rocks.

- Geochemical lab results indicate optimum maturity for oil and gas generation in the source rock sediments of the Hiram Brook and Frederick Brook members. This data clearly demonstrates the likely presence of medium-sized conventional oil (28-40 API gravity) and unconventional shale oil resources at relatively shallow depths. Additionally, unconventional shale gas prospects exist within the overall hydrocarbon-charged interval including the Hiram Brook and Frederick Brook members.

- Additionally, the study recommended that the tectonically undisturbed Frederick Brook shale in the southwest axial part of the lease within a depth of 1800-3000 metres in the Moncton Subbasin should be targeted for future drilling.

The post-frac well test at the E-08 (Feenan #2) well previously reported both oil and gas production from an over-pressured zone. This observed oil and gas is now better understood and consistent with the geochemical analyses conducted by Dr. Muki, thus providing independent third party verification of PetroWorth's well tests.

Based on Dr. Muki's findings, Petroworth is now designing a multi-stage fracture completion program for the 500-metre potential oil and gas zone in the A-08 (Feenan #3) well. The program is expected to be conducted in the spring/summer of 2009. In the meantime, the company is investigating pipeline options and other methods of natural gas transportation in order to move these resources to market.

"Dr. Muki's work has been extremely helpful in defining the nature and size of the oil and natural gas resources on our company's leases in the Moncton subbasin," said Neal Mednick, president of PetroWorth. "This information will be very important in attracting sophisticated joint venture partners."

PetroWorth Resources Inc. is a junior 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 programs on these permits, both internally generated and through advantageous farm-in arrangements.
1 Recommendations
Reply New Message
Prev Message Back To Forum Threaded View Next Message
Share
Share
New Message
Please login to post a reply