Petroworth (adjacent to Contact) announces drilling plans

Petroworth announced their plans on their horizontal program today. Below is a summary of the play and a map (note Contact's Stoney Creek Field in green/blue):

The E-08 discovery well (Feenan #2) was drilled in November 2007 to a total depth of 1605 metres and tested only the Hirambrook sands. While drilling on air, gas was flared at surface at a rate of approximately 650,000 cubic feet per day. An independent petrophysical analysis of the well calculated a combined potential gas pay thickness of 40 metres within five sand zones with an average porosity of 10.1%. Recent perforation and testing of two of the sands zones yielded encouraging results, confirming that the well is an excellent candidate for the frac stimulation.

PetroWorth has acquired an additional 7,000 acres of land in the Rosevale region of New Brunswick, and 88,737 acres in Westmorland County, bringing its total land holding in this region to 129,583 acres. These properties are extremely attractive for two reasons:

1. To the immediate northeast of our lands is the Stony Creek field, which has produced 800,000 barrels of oil and 28 billion cubic feet of natural gas to date;

and

2. To the immediate southwest of our lands is the McCully field, which is estimated to have one trillion cubic feet of gas in place. It is worth noting that Corridor Resources Inc. recently received approval to construct pipelines and related facilities to connect the McCully field to the Maritimes & Northeast pipeline.

In November 2006, PetroWorth completed an extensive 2-D seismic program on its New Brunswick properties. This will be followed by a sophisticated 3-D seismic program and an aggressive exploration drilling program.