Gulf Western Petroleum Corporation ("Gulf Western") (OTCBB: GWPC / Frankfurt: GER), is pleased to announce that total depth ("TD") has been reached and casing has been set on all three of its wells in the Shamrock Project (the "Project") located in Dewitt County, Texas. The Tulemore Dew No. 1 well is drilled to a depth of 3185'; the Miller-Thomas No. 1 is drilled to a depth of 3166'; and the Bushmill No. 1 well is drilled to a depth of 3196'. All three wells had good gas shows while drilling and contain very promising log results. With casing set, the three wells are awaiting a completion rig and the wells are scheduled for testing and interconnection to the gathering system within 45 days.
The Shamrock Project is a three (3) wells Frio-age prospect identified through 3-D seismic. The Project target formation is the Jameson sand at 3200 feet. 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 250 Mcf per day with estimated total recoverable reserves of approximately 500 million cubic feet. Gulf Western holds a 90% working interest in the Project.
Brushy Creek Project Update: Weather causing obstacles have been overcome; three (3) new locations have been completed; and the drilling rig is on location at the Davidson No. 1 well with a scheduled spud date of May 12, 2007. The Brushy Creek Project is a 3-D seismic controlled project situated in the prolific Oligocene Frio oil and gas trend located in the Texas lower gulf coast. The Company holds interests in a total of ten (10) wells to be drilled in the Brushy Creek Project. The Brushy Creek Project lies within the general area of the recently successful eight (8) well Brushy Creek and two (2) well Bennett projects which have resulted in six (6) Frio discoveries, three (3) Miocene discoveries, and one (1) Yegua completion. The Brushy Creek Project is directed towards numerous high quality amplitude anomalies very similar to those that have proven productive by previous drilling, and is located in Lavaca County, Texas. During April 2007 Gulf Western increased its position in the Brushy Creek Natural Gas Project to an overall average of 43.5% working interest.
President Sam Nastat stated "We are very pleased with the drilling results in the Shamrock Project and are looking forward to the test results. And we are especially pleased with the break in the weather in Lavaca County. Scheduling is now such that we will have thirteen Frio wells drilled and completed within the next six months."
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 costs and 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.
Source : biz.yahoo.com
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