VANCOUVER, British Columbia, Nov. 3, 2005 (PRIMEZONE) -- Irwin Energy Inc (Pink Sheets:IWNN) is pleased to report monthly gas flows for the 1-5-60-25W4M Westlock well that was completed and tied into a sales line in May and which is currently produce 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 Company has a 12.5% interest of the profit sharing on the property and at a current rate of natural gas prices estimated at $10-$11 per mcf over the last months, the Company stands at a good return on its investment. Further update on the revenues will be forthcoming from the operator and our joint venture partners.
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 to determine the production rate for revenue.
President John Gaetz stated that "the Company would like to take this time to thank its share holders 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.