The study follows up a 2004 W.G. Shaw & Associates survey, which concluded that the geology of the Ainslie Block is very similar to the geology of the McCully and Stoney Creek fields in New Brunswick.
"The Ainslie Block contains many of the required elements of a commercial oil and gas region," said William Shaw, president of W.G. Shaw & Associates, who have extensive experience studying the geology of the Maritimes Basin. "Reservoir rocks are present within the stratigraphic section; oil and gas-generative source rocks are present within several stratigraphic units; and several conceptual petroleum play types are present. Direct evidence of the presence of a petroleum system is exhibited by the numerous oil seeps that have been observed along the west shore of Lake Ainslie."
The widespread distribution of the Strathlorne Formation within the Ainslie Block is of particular interest to petroleum explorers due to its similarity to the commercially-productive Albert Formation in New Brunswick. The Albert Formation is the host stratigraphic unit within the McCully field (with an estimate 1 trillion cubic feet of gas in-place) and the Stoney Creek field, which has produced 800,000 barrels of oil and 30 billion cubic feet of gas to date.
The newly commissioned evaluation will include field mapping and sampling, including the collection of 200 soil gas samples from depths of 1.4 to 1.6 meters. The main objective of the evaluation is to assist PetroWorth in designing a seismic program for the Ainslie Block, which is expected to be carried out in the second and third quarters of this year.
"We believe the Ainslie Block holds great potential for significant hydrocarbon discoveries," said Neal Mednick, president of PetroWorth. "This study is the next vital step towards realizing that potential, and is consistent with the methodical exploration plan PetroWorth has followed to bring its other properties to drill-ready status."
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 inhouse and through advantageous farm-in arrangements.
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