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Ferrybank 8:32 Well Commences Commercial Production
May 19, 2009 03:10PM
May 19, 2009
PetroWorth: Ferrybank 8:32 Well Commences Commercial Production
CALGARY, ALBERTA--(Marketwire - May 19, 2009) - 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.