PetroWorth Resources announced that an 80-kilometer 2-D seismic program is now under way on the Lake Ainslie Block property in Cape Breton, Nova Scotia. The seismic program is being conducted by Conquest Seismic Services Inc. and is expected to be completed in early August.
PetroWorth has 100% exploration and development rights to 383,000 acres on the Lake Ainslie Block. Over the years, numerous oil seeps to surface have been observed on this property. Moreover, in the late 1800s and early 1900s, a number of shallow wells were drilled on the Lake Ainslie Block, most of which encountered oil and/or natural gas. Oil from one of the wells was actually barreled and sold in the United States.
"We have good reason to believe that a significant hydrocarbon system exists beneath this property," said Neal Mednick, president of PetroWorth. "The 2-D seismic program is a vital step towards identifying and developing that system."
PetroWorth also announced that it has engaged Strategic Alliance Corp. to provide investors relations services aimed at increasing public awareness of the company's land position and activities. Under the contract, 100,000 shares of PetroWorth is being issued to Strategic Alliance. Another 100,000 shares of PetroWorth is reserved for issue should the ultimate quantum of work required and performed justify further payment.
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