VANCOUVER, British Columbia, Feb. 7, 2005 (PRIMEZONE) -- Irwin Energy Inc (Pink Sheets:IWNN) is pleased to announce that its' joint venture partners Energy 51 Inc. and Montana Oil and Gas, Inc., have been issued a well license from the AEUB (Alberta Energy and Utility Board). Irwin Energy Inc., along with its joint venture partners, intends to drill the first of several potential wells in the Sylvan Lake immediate area. Irwin Energy Inc. will participate in a minimum 4 well program at a site called Sylvan Lake, located west of Red Deer, Alberta. Irwin Energy Inc.'s participation cost in this first well, to be drilled as soon as a drilling rig becomes available, has been fully funded (the company anticipates this drilling to start in the next few days). It is a 7,200-foot Peskisko Sand test that is prospective for oil and in upper pay zone "Shunda" for gas. Each development well has probable production of minimum 150 barrels of oil per day and 750,000 cubic feet gas per day with potential reserves in excess of 1 billion cubic feet gas and 300,000 barrels oil. There are five prospective pay zones; the average well in the Sylvan Lake Field has produced 500 barrels of oil per day with over one million cubic feet gas per day. President J.R. Gaetz stated, "The opportunity to drill in the Sylvan Lake area is a major occasion for our junior energy company, some of the largest oil companies in the world produce in Slyan Lake, it has been described as one of the most prolific areas in all of North America for oil and gas since the 1950's."
Irwin Energy would also like to update investors with their gas well in West Lock, Alberta, Canada. The operators of the West lock well have informed the company that they are in the final stages of logistics concerning the tying in of the well. The company apologies for the delay, however, the rerouting of our gas line to a pay line will be completed shortly. Irwin Energy Inc. looks forward to announcing final details concerning this project.
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This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.