PetroWorth Resources Inc. provides the following report on the New Harmony #1 well drilled by Corridor Resources Inc. ("Corridor") as part of a farm-in on PetroWorth's Exploration License 03-02 in Prince Edward Island.
New Harmony #1 was drilled in October 2007 to a total depth of 3403 metres. A petrophysical evaluation of the logs indicated 60 metres of potential net gas pay over a number of intervals.
Only one of these intervals was fractured in December 2007 with testing operations completed in mid-January 2008. Primarily, formation salt water with small amounts of gas was recovered during the flow test across the interval from 3273 to 3280 metres. This indicates that hydrocarbon gas has migrated through this area and is likely trapped at structurally higher elevations.
It is important to note that New Harmony #1 was drilled in a structurally low position of a tilted graben fault block, and that higher structural positions along the block are still untested. As the farm-in operator responsible for 100% of the drilling costs, Corridor had the right to choose the well location. PetroWorth's geological and geophysical experts preferred to drill a structurally higher location.
Moreover, the fault block tested by New Harmony #1 constitutes a small percentage of the 175,000 acres that comprise Exploration License 03-02. PetroWorth believes that significant hydrocarbon potential remains on all of its licensed properties in PEI. The information gained from New Harmony #1 will be applied to future exploration tests.
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