VANCOUVER, British Columbia, Oct. 24, 2005 (PRIMEZONE) -- Irwin Energy Inc. (Pink Sheets:IWNN), in conjunction with our partner Montana Oil and Gas, Inc. (Pink Sheets:MOGI) is pleased to report that the 1-5-60-25W4M Westlock well, that was completed and tied into a sales line in May, continues to produce strong revenues for the company. The Westlock well thus far has produced 163.8, 271, 104.2, and 129.38 E3M3 (convert to MMCF 0.035494) from May to August inclusive. Volumes for September and October will be announced upon receiving the appropriate data from our operator. All appropriate royalties, transportation and operating costs have been factored in and taken off by the operator. Mr. John Gaetz noted, "The huge rise in natural gas prices of late will benefit the company and its shareholders in terms of future revenues and immediate cash flows."
The Sylvan Lake 6-3-38-3W5M well, has been drilled to 7,200 feet and has been cased as a potential Pekisko oil well and potential Shunda gas well. The operator is now conducting pre-production tests and is measuring pressures in the bore hole. The operators have informed Montana Oil and Gas that details of the Sylvan Lake completion are expected in the last part of October or early part of November.
Also as of October 11, 2005, the operator of the NZOG 17-1 has competed initial preliminary hydrocarbon tests. These completed tests have confirmed the presence of oil/hydrocarbons and have as of October 13, 2005 taken steps to install a pumping station. Once this pumping station is up and running, (which is planned in the next few days), tests will be conducted to determine a stable daily flow rate.
President John Gaetz stated that the, "Company would like to take this time to thank its shareholders for their patience over the last couple of months. We are very excited to have made this announcement as to the success of this well. Once NZOG 17-1 is in full production, the product will be pumped into production tanks on the property for easy 365-day access to be delivered by truck to Giant Industries Refinery in New Mexico, 85 miles away."
About Irwin Energy, Inc.
Irwin Energy, Inc., based in Vancouver, B.C., was founded for the purpose of engaging in the exploration for and acquisition, development and production of crude oil and natural gas, and for other related activities. In the oil and gas arena, Irwin Energy seeks out low-risk opportunities to develop positive cash flow from proven and probable oil and gas plays. Irwin Energy plans to grow exclusively through efficient reinvestment of its internally generated cash flow in exploration and production operations, and through limited external financing to build ancillary businesses.
Safe Harbour statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the company's operations, markets, products and prices and other factors discussed in the company's various filings with the Securities and Exchange Commission.