HOUSTON, Nov. 9, 2007 (PRIME NEWSWIRE) -- Gulf Western Petroleum Corporation ("Gulf Western") (OTCBB:GWPC) (Frankfurt:GER) today announced flow test results of the Michael Collins No. 1 gas unit. The operator has advised Gulf Western that the Michael Collins No. 1 well stabilized at a flow rate of 310 Mcfd with a flowing tubing pressure (FTP) of 1,230 psi. The Michael Collins No. 1 was drilled to a total depth of 3,126' and completed from 2,897' to 2,909'.
The Shamrock Project, located in Dewitt County, Texas, is a five well Frio-age prospect identified through newly acquired 3-D seismic. The Project target formation is the Jameson Sand at approximately 3,200 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 has all five wells in the Shamrock Project completed and tested. These wells are the Polinard-Lee No. 1 well; the Miller-Thomas No. 1; the Bushmill No. 1, the Red Breast No. 1, and the Michael Collins No. 1. All five wells flow tested in excess of 300 Mcfd and are awaiting meters to be set at the delivery point of the pipeline.
President Sam Nastat stated, "We are more than pleased with the success of this Project and are looking forward to the results achieved in our Frio Prospect, the Brushy Creek Project in Lavaca County Texas."
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.