HOUSTON, Oct. 24 /CNW/ - Gulf Western Petroleum Corporation
("Gulf Western") (OTCBB: GWPC/Frankfurt: GER), is pleased to announce they
have been advised by the Operator that the drilling rig is on location at the
Red Breast No. 1 drill site, and that the Red Breast No. 1 will spud today.
After obtaining the log results from the first three wells, Gulf Western
increased its position in the Shamrock Project in Dewitt County Texas by two
additional wells, bringing their current participation in the Shamrock Project
to five wells. The two additional wells are the Red Breast No. 1 and the
Michael Collins No. 1. Both wells will target the same formation as the first
three Frio prospects, the Jameson Sand at 3200'.
The Shamrock Project is a five well Frio-age prospect identified through
3-D seismic. Gulf Western currently has three wells drilled and completed. The
wells are the Polinard-Lee No. 1 well; the Miller-Thomas No. 1 well; and the
Bushmill No. 1 well. All three wells flow tested in excess of 300 Mcfd and are
awaiting hook up to the sales line.
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 300 Mcf per day with estimated total recoverable reserves
of approximately 500 million cubic feet to 1 Billion cubic feet.
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 costs and 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.
For further information:
For further information: Company: Gulf Western Petroleum Corporation:
Sam Nastat, President & Director, Telephone: (713) 355-7001,
www.gulfwesternpetroleum.com; North America: RedChip Companies, Inc., Investor
Relations, (800)-REDCHIP, Info@redchip.com, www.redchip.com; Europe: Vicarage
Capital Limited, London England, (44) (0) 207 060 1303,