HOUSTON, Oct. 9 /CNW/ - Gulf Western Petroleum Corporation ("Gulf
Western") (OTCBB: GWPC/Frankfurt: GER), is pleased to announce that they have
increased their 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 wells, the Jameson Sand at 3200'. The drilling locations are
currently under construction and drilling of these two additional wells is
currently scheduled to begin October 22, 2007.
The Shamrock Project is Frio-age prospect identified through 3-D seismic.
Gulf Western currently has three wells drilled and completed in the Frio
formation Jameson Sand. The three wells are the Tulemore Dew No. 1 well
(drilled to a depth of 3185'); the Miller-Thomas No. 1 well (drilled to a
depth of 3166'); and the Bushmills No. 1 well (drilled to a depth of 3196').
All three wells had good gas shows while drilling and contain very promising
log results. The first three wells are now completed and currently undergoing
testing while the gathering system is under construction. Construction is
scheduled to be completed by October 25, 2007.
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.
President Sam Nastat stated, "We are extremely satisfied with the success
in the Shamrock Project, and we are especially pleased with the opportunity to
participate in the Michael Collins and Red Breast wells. Scheduling is now
such that we will have the first three wells on line by October 31st and all
five wells in the Shamrock project connected into the sales line by
November 12, 2007."
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.
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,