Gulf Western Petroleum Corporation ("Gulf Western") (OTCBB: GWPC/Frankfurt: GER), is pleased to announce that, after long weather delays, completion and testing operations have begun at the Shamrock project in Dewitt county Texas. The Shamrock Project is a three (3) well Frio-age prospect identified through 3-D seismic. The Project target formation is the Jameson sand at 3200 feet. The Tulemore Dew # 1 well is drilled to a depth of 3185'; the Miller-Thomas # 1 is drilled to a depth of 3166'; and the Bushmill # 1 well is drilled to a depth of 3196'. All three wells had good gas shows while drilling and contain very promising log results. These three wells are currently undergoing completion operations and are scheduled to be tested and hooked into the sales line within the next 45 days.
Frio-age wells have proven to be prolific natural gas producers throughout the Texas Gulf Coast region. Typical Frio wells produce at approximately 200 to 250 Mcf per day with estimated total recoverable reserves of approximately 500 million cubic feet to 1 Billion cubic feet. Gulf Western holds a 90% working interest in the Project.
President Sam Nastat stated, "We are very pleased with the drilling results in the Shamrock Project and are looking forward to the test results. And we are especially pleased with the break in the weather in Southeast Texas. Scheduling is now such that we will have thirteen Frio wells drilled and completed within the next three months."
This press release may include forward-looking statements based on the Company's current expectations as to future events. The forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. For example, the extraction and sale of natural gas from the wells involves a number of costsand risks, which may limit our ability to generate cash flow from the wells. In addition, the business of Gulf Western Petroleum Corporation is subject to a number of risks typical of an oil and gas exploration and development company including, among other things, the inherent uncertainties associated with oil and gas exploration; laws, environmental, judicial, regulatory, political and competitive developments in areas in which Gulf Western Petroleum Corporation operates; and technological, mechanical and operational difficulties encountered in connection with Gulf Western Petroleum Corporation's activities.
Source: Gulf Western Petroleum Corp.
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