Morningside now on continuous production
VANCOUVER, Aug. 27, 2013 /CNW/ - Petromin Resources Ltd. (the "Company") is pleased to announce that it has solved all mechanical issues at its 15-23-42-28W4M Morningside dual producing oil /gas well. The first month of continuous production has produced approximately 62 cubic meters of oil (approximately 380 barrels) and approximately two million five hundred thousand cubic feet of gas. The gas rate has been gradually increasing over the last month of production and is currently flowing at approximately eighty five thousand cubic feet per day.
The Company retains a gross overriding royalty before payout convertible to a 25% working interest after payout and retains a 50% working interest in the undrilled acreage.
Petromin's core Canadian properties are strategically located in Central Alberta (Morningside, Redwater, Frog Lake and Gilby)
Petromin is believed to be the only Canadian junior public company listed on the TSX Venture Tier One Board (PTR.V) to have an interest in China's Massive Coalbed Methane ("CBM") / Shale Gas Production Sharing Contracts ("PSC"). Petromin's interest is held through its current 22.28% ownership in Terrawest Energy Corp. ("TWE"). The PSC was acquired by TWE in December 2005 and after completing a coal study of all China, the Southern Jungar Basin in N.W. China's Xinjiang Province was handpicked for the 653 square kilometer PSC.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Petromin Resources Ltd.For further information:
PETROMIN RESOURCES LTD.
1120-1090 W. Pender Street
Vancouver, B.C. V6E 2N7
Telephone: (604) 682-8831
Fax: (604) 682-8683
Attn: Arthur Ross Gorrell