/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE U.S./
VANCOUVER, Jan. 17 /CNW/ - Petromin Resources Ltd. ("Petromin" or, the
"Company") is pleased to announce that TerraWest Energy Corp. ("TWE") is currently performing testing at an exploration well being drilled
beyond 1,500 meters depth by Xinjiang Oilfield Company of PetroChina
Company Limited ("Xinjiang Oilfield") within the area of the Liuhuanggou coalbed methane ("CBM") project ("Liuhuanggou Project") in Xinjiang, the People's Republic of China ("China").
The Liuhuanggou Project, covering approximately 653 square kilometers
(255 square miles; 163,200 acres) in the southern Junggar basin of
Xinjiang, China operates under a production sharing contract ("PSC") dated 30 December 2005 entered into between TWE and China United
Coalbed Methane Corporation Limited ("CUCBM").
Xinjiang Oilfield agreed to allow TWE's geologists to sample prospective
Jurassic Badaowan ("J1B") formation rocks to be intersected in its exploration well and such
sampling is currently underway. TWE's geologists will also have access
to mud logs and geophysical logs and TWE will contribute to the
coverage of the costs of acquiring all data utilized.
Samples of the target J1B formation will be analysed at selected
laboratories after gas desorption testing.
TWE has indicated the arrangement reflects the co-operative spirit
between the professional staff of TWE and Xinjiang oilfield operating
The Company is pleased to see this type of arrangement between the two
parties and it reflects a high degree of co-operation and the joint
interest in the scientific data on the energy resource base of the
southern Junggar Basin as well as the economic potential of the region.
As at the date hereof, the Company held 27.49% of the current issued
common shares and preferred shares in the capital of TWE. TWE is the
Operator and holds a 47% interest in the PSC with CUCBM holding 53%.
Under the terms of the PSC, CBM is defined as all gas stored in four
(4) named geologic formations of Jurassic age to a depth of 1,500
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 past 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.
SOURCE Petromin Resources Ltd.
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