Trading Symbol: NRS
VANCOUVER, March 10 /CNW/ - Norwood Resources Ltd. (the "Company")
announces that it has completed a shallow stratigraphic test well to a depth
of 650 feet on location at Maderas Negras to aid with casing design
configuration in advance of the drilling of the Maderas Negras-1. Based on
geologic and seismic data interpretations, a local rotary drilling rig was
employed to drill to the depth equivalent of the 13 5/8" casing point to test
for the presence of shallow hydrocarbons and potential drilling hazards. Oil
shows were logged from approximately 75 feet to bottom and a weak gas show was
noted at 650 feet. Fortunately, no drilling or safety hazards were
encountered. The Maderas Negras-1, which is programmed to drill to 6500 plus
feet is scheduled to commence drilling before the end of March 2008.
Schlumberger International has been engaged to provide future
petrophysical logging services for the Maderas Negras and San Bartolo wells.
Schlumberger will also design the production testing programs for both wells.
Schlumberger's current petrophysical interpretation of the San Bartolo data
set identifies additional prospective intervals in the Brito Formation that
were not previously identified or tested during last year's program.
Additional petrophysical evaluation and the production test designs will be
calibrated using 60 - 180 feet of whole core sample, which will be recovered
from the Brito Formation in Maderas Negras-1 and analyzed by Core Labs of
Houston, Texas. Knowledge gained from the whole core data will also enhance
the Company's ability to design a completion procedure that will penetrate the
well bore/reservoir interfaces that were damaged during the original drilling
at San Bartolo and test virgin reservoir conditions. A similar evaluation of
the Las Mesas data set will also be conducted.
The Maderas Negras-1 location is located approximately 2.75 miles north
and approximately 3000 feet directly up-dip of the San Bartolo well. Several
locations intermediate to these two wells have been identified which would
become very prospective as a result of a successful test from either well. The
Company's wholly owned drilling rigs are fully operational in Nicaragua and
can be employed to pursue these opportunities with little additional
preparation or expense.
Separately, the Company announces that Mr. James Charuk has resigned his
position as Executive Vice President Exploration. Norwood wishes to thank Mr.
Charuk for his considerable contribution to the development of the Company's
project in Nicaragua during the past 3 years. Norwood has consolidated this
position under the responsibilities of the COO, Mr. Lee DiStefano, whose
broader role includes the overall management of the Company's technical and
operations programs and development of a competent E&P organization, which
will allow the Norwood to effectively implement and manage all current and
future projects and to diversify its interests.
ON BEHALF OF THE BOARD OF DIRECTORS OF
President & CEO
WE SEEK SAFE HARBOUR
This press release contains certain forward-looking statements. While
these forward-looking statements represent our best current judgment, they are
subject to a variety of risks and uncertainties that are beyond the Company's
ability to control or predict and which could cause actual events or results
to differ materially from those anticipated in such forward-looking
statements. Accordingly, readers should not place undue reliance on
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY
OR ADEQUACY OF THIS RELEASE
For further information:
For further information: To find out more about Norwood Resources Ltd.
(NRS) contact: Raymond Cahill, President & CEO, Lee DiStefano, Chief Operating
Officer, E-Mail: firstname.lastname@example.org, Telephone: (604) 642-6566