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VANCOUVER, July 11, 2012 /CNW/ - Petromin Resources Ltd. (the "Company") is pleased to announce that the Company expects to begin the drilling of its (15-23-42-28W4M) Morningside Dual Oil/Gas Prospect this July 2012. The well should take about six days to directionally drill and about seven days to frac and complete.
The test well offsets a dual producer that has produced over 165,000 boe to date and had initial flow rates in excess of 350 barrels of oil per day with approximately one million cu. ft. of gas per day.
The well is to be drilled at no cost to Petromin and the company will retain a 25% working interest (WI) after payout with a gross over-riding royalty interest before payout.
Petromin has also recently acquired an option to purchase a 50% (WI) in an additional 160 adjacent acres (SW 23-42-28W4M) which will give the Company interests in a total of 480 acres at Morningside.
With the success of this well Petromin anticipates the drilling of several more wells on the property.
About Petromin Resources Ltd.
Petromin is progressive international petroleum and natural gas exploration and production Company listed Tier 1 on the TSX Venture Exchange. Petromin was ranked 24th of the Top 100 Fastest Growing Companies in BC by Business in Vancouver in 2009 based on a 704% revenue increase over the previous 4 years.
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.
For further information:
PETROMIN RESOURCES LTD.
390-1090 W. Georgia St.
Vancouver, B.C. V6E 3V7
Telephone: (604) 682-8831
Fax: (604) 682-8683
Attn: Ross Gorrell