HOUSTON, Nov. 6, 2007 (PRIME NEWSWIRE) -- Gulf Western Petroleum Corporation ("Gulf Western") (OTCBB:GWPC) (Frankfurt:GER) is pleased to announce flow test results of the Red Breast No. 1 gas unit. The operator has advised Gulf Western that the Red Breast No. 1 well stabilized at a flow rate of 315 Mcfd with a Flowing Tubing Pressure (FTP) of 1220 psi. The Red Breast No. 1 was drilled to a total depth of 3120' and completed from 2896' to 2906'.
The Shamrock Project, located in Dewitt County, Texas is a five (5) well Frio-age prospect identified through newly acquired 3-D seismic. The Project target formation is the Jameson Sand at approximately 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 300 Mcf per day with estimated total recoverable reserves of approximately 500 million cubic feet to 1 billion cubic feet.
Gulf Western currently has four of the five wells completed and tested. These wells are the Polinard-Lee No. 1 well; the Miller-Thomas No. 1 well; the Bushmill No. 1, and the Red Breast No. 1. All four wells flow tested in excess of 300 Mcfd and are awaiting meters to be set at the delivery point of the pipeline.
The Michael Collins No. 1 gas unit, the fifth and final well to be drilled in this project has reached TD at 3126' and is currently undergoing completion and testing.
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.