VANCOUVER, British Columbia, March 29, 2005 (PRIMEZONE) -- Irwin Energy, Inc. (Pink Sheets:IWNN) President John Gaetz would like to announce the following update. Due to erratic weather in the drilling zones in Alberta, road bans have delayed progress in this region. This has put the Company's Sylvan Lake drilling program slightly behind schedule. The operators have indicted that the drilling equipment should be moving on to site within a week.
The initial well at Sylvan Lake is a 7,200-foot Peskisko Sand test that is prospective for oil and gas. It is expected to take approximately 10 to 12 days to drill and test the initial well. Each development well has probable production of 150 barrels of oil per day and 750,000 cubic feet of gas per day with reserves in excess of 1 billion cubic feet gas and 500,000 barrels of oil. The property includes four other pay zones that are prospective for gas. The average well in the Sylvan Lake Field has produced 500 barrels of oil per day, with over one million cubic feet of gas per day. Dependant on the results of the current drill program, the company expects to drill up to 4 more wells on these land sections. For more detailed information on this project, please see the news release dated Feb. 7th, 2005. The Company will provide an announcement with the commencement of drilling.
The Company West Lock Project tie in was also affected by the weather, however the equipment required for tie in is now on site and ready to go weather permitting. The company expects this could occur starting next week. Flow rates will be established shortly thereafter. The company will advise its shareholders when the tie in and flow rates are completed.
Irwin Energy President John Gaetz said, "We would like to thank all of our shareholders for their patience, during what most would describe as a very unusual year weather wise."
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Irwin Energy Inc. has little or no control.