TSX.V Symbol: PTR
VANCOUVER, Oct. 20 /CNW/ - Further to our June 02, 2008 news release,
Petromin Resources Ltd. (the "Company") is pleased to announce that it has now
completed nine successful multi oil and gas wells, on its Redwater lands in
Central Alberta. The Company retains a 25% - 50% working interest in the first
7 wells. The Company also retains an 11% GORR on its two new discoveries
recently drilled at no cost to the Company. These discoveries are now being
production tested and will be tied into the system. Current overall production
from our first seven producing Redwater wells is at approximately 100 barrels
of oil equivalent per day. The additional production from the two new
discovers is expected to enhance revenues and production results to be
announced when available.
In addition, the Company is pleased to announce that Terrawest Energy
Corp. (TWE) spudded the LHG 08-01 well on its CBM lands in Xinjiang, China on
October 18th. LHG 08-01 is intended to test the permeability of the main J2X
coal seam of approximately 30m thickness.
The commencement of the TWE China CBM drill program was celebrated with
an opening ceremony attended by TWE representatives, honorary guests from the
drilling contractor, Hydrology Brigade of the Xinjiang Geologic Engineering
Co., Ltd. as well as officials from PetroChina Company Ltd. and service
companies Norwest Corporation and Weatherford-China. The opening ceremony
ended with fireworks and other traditional Chinese business ceremonies.
A second larger rig is expected to arrive on site later next week to
begin the drilling of the deeper (1500m) LHG8-03 location on TWE's CBM lands
in Xingjiang, China.
Petromin's on site head engineer, Ryan Adams, was given the ceremonial
honor of pulling the switch to start the drilling and the well was officially
spudded at 11:08 am Oct. 18/ 2008. Petromin Recourses Ltd. is a major
shareholder in TWE and provides management and other services under the terms
of a management services agreement.
On behalf of the Board of Directors,
Dr. A Ross Gorrell Co-Chairman and President
/NOTE TO PHOTO EDITORS: A photo accompanying this release is available on
the CNW Photo Network and archived at http://photos.newswire.ca.
Additional archived images are also available on the CNW Photo Archive
website at http://photos.newswire.ca. Images are free to accredited
members of the media/
For further information:
For further information: 390-1090 W. Georgia St., Vancouver, B.C., V6E
3V7, T. (604) 682-8831, F. (604) 682-8683