HOUSTON, Sept. 20, 2007 (PRIME NEWSWIRE) -- Gulf Western Petroleum Corporation ("Gulf Western") (OTCBB:GWPC) (Frankfurt:GER) is pleased to announce that, after weather delays, completion operations have been successfully concluded on the Shamrock Project in Dewitt County, Texas. The Shamrock Project is a three (3) well Frio-age project originally identified through 3-D seismic, with the target formation being the Jameson sand at 3,200 feet. The three wells drilled are the Tulemore Dew No. 1 well (drilled to a depth of 3,185'); the Miller-Thomas No. 1 well (drilled to a depth of 3,166'); and the Bushmills No. 1 well (drilled to a depth of 3,196'). All three wells had good gas shows while drilling and contain very promising log results. The three wells are now completed with production tubing and packers in the hole. They are scheduled to be tested the week of September 25th and hooked into the sales line within the next 15 days.
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 holds a 90% working interest in the Project.
President Sam Nastat stated, "We are very pleased with the drilling and completion results in the Shamrock Project and are looking forward to the test results. And we are especially pleased with the break in the weather in Southeast Texas. Scheduling is now such that we will have eight Frio wells, which include five wells from the Brush Creek Project connected into the sales line within 30 days."
About Gulf Western Petroleum Corporation
Gulf Western is focused on the exploration and development of domestic petroleum and natural gas reserves in the United States. The Company currently has a strong portfolio of lease acreage projects in Texas, Kansas and Kentucky. It is also actively seeking out additional oil and gas resource opportunities that would benefit from its range of core competencies. Gulf Western was formed through a merger between Wharton Resources Corp., a development stage company with oil & gas lease acreage in Texas, Kentucky and Kansas, and of Georgia Exploration, Inc.
Gulf Western's primary asset is a high caliber management team with both upstream and midstream segment experience, as well as a proven track record of finding and developing commercial reserves. Pursuant to the merger, the management team is comprised of W. Milton Cox as Chief Executive Officer, Bassam Nastat as President and Don Sytsma as Chief Financial Officer, Treasurer and Secretary. This team has extensive experience in the U.S. oil and gas industry and the ability to attract a steady stream of high quality oil & gas resource opportunities.
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.