PetroWorth and Ardent Enter Joint Venture Agreement for Prince Edward Island
posted on May 20, 2009 11:24AM
Acquisition and exploration of onshore oil & natural gas properties in Eastern Canada.
|May 20, 2009|
|PetroWorth and Ardent Enter Joint Venture Agreement for Prince Edward Island|
|CALGARY, ALBERTA--(Marketwire - May 20, 2009) - PetroWorth Resources Inc. (CNSX:PTW) (FRANKFURT:T3F) announced today that it has entered into a Joint Venture Agreement with Ardent Resources Canada Limited for oil and gas exploration and development on Prince Edward Island.
The agreement requires Ardent to drill two wells on PetroWorth's licensed property on the eastern half of PEI to earn a 50% interest in 444,000 acres, covered by six oil and gas permits. The first well is expected to be drilled before year-end, with the second well to be drilled within six months after the completion of the first.
"We are delighted to have Ardent as a partner in Prince Edward Island," said Neal Mednick, president of PetroWorth. "Ardent has an excellent track record of success in the Appalachian Basin, especially with natural gas. They also have a very good grasp of the geology in the Maritimes Basin, which has many similarities to the Appalachian Basin. Most importantly, Ardent is an efficient, cost-effective and highly profitable operator, which is precisely what PetroWorth needs to move seamlessly from exploration to development."
Ardent Resources Canada Limited is wholly owned by the principals of Ardent Resources Inc., Christopher Robinson and David Copley, who collectively have more than 60 years of experience in the petroleum industry. Ardent Resources Inc. is a privately held, independent oil and gas company headquartered in Pittsburgh, Pennsylvania. For the past 20 years, the company has been involved in exploration, development and production of oil and gas, primarily in the Appalachian Basin. Core areas of operation include Pennsylvania, New York, West Virginia and Ohio. Ardent owns an interest in more than 300 wells in the Basin, and operates many of them.
"As an exploration geologist, I feel confident that the overall geologic setting and character of the subsurface rocks on Prince Edward Island point to significant potential for hydrocarbon production here," said David Copley, Ardent's President. "I'm excited to have the opportunity to explore more than 400,000 acres of land with sufficient seismic data, well control and cutting edge geophysical applications to generate what I'm certain will be high quality prospects. In this economic downturn, many exploration and development companies have become more conservative, choosing to just stick to their knitting. Instead, I believe that this is the time to be aggressive and explore the most promising new areas of opportunity. PEI is high on that list."
PetroWorth has conducted two major seismic programs on its PEI properties, including 304-kilometres of 2-D and 108 square kilometers of 3-D. In recent months, some of this data underwent a new leading-edge method of interpretation that resulted in the identification of a potentially large natural gas anomaly on one of the PetroWorth licenses.
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 programs on these permits, both internally generated and through advantageous farm-in arrangements.