HOUSTON, Oct. 31, 2007 (PRIME NEWSWIRE) -- Gulf Western Petroleum Corporation ("Gulf Western") (OTCBB:GWPC) (Frankfurt:GER) is pleased to announce they have been advised by the Operator that the drilling rig is on location at the Red Breast No. 1 drill site, and that the Red Breast No. 1 will spud today. After obtaining the log results from the first three wells, Gulf Western increased its position in the Shamrock Project in Dewitt County Texas by two additional wells, bringing their current participation in the Shamrock Project to five wells. The two additional wells are the Red Breast No. 1 and the Michael Collins No. 1. Both wells will target the same formation as the first three Frio prospects, the Jameson Sand at 3200'.
The Shamrock Project is a five well Frio-age prospect identified through 3-D seismic. Gulf Western currently has three wells drilled and completed. The wells are the Polinard-Lee No. 1 well, the Miller-Thomas No. 1 well, and the Bushmill No. 1 well. All three wells flow tested in excess of 300 Mcfd and are awaiting hook up to the sales line.
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.
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.