HOUSTON, Oct. 15, 2007 (PRIME NEWSWIRE) -- Gulf Western Petroleum Corporation ("Gulf Western") (OTCBB:GWPC) (Frankfurt:GER) is pleased to announce flow test results of the Polinard-Lee No. 1 gas unit (previously named Tulemore Dew No.1) The operator has advised GWPC that the Polinard-Lee well stabilized at a flow rate of 325 mcfd with a (FTP) Flowing Tubing Pressure of 950 pounds. The Polinard-Lee well was drilled to a total depth of 3185' and completed from 3123' to 3136'.
The Polinard-Lee No.1 is the first well tested in the Shamrock Project. The Shamrock Project located in Dewitt County, Texas, is a five (5) well Frio-age prospect identified through 3-D seismic. The Project target formation is the Jameson Sand at 3200 feet. 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, "These test results have exceeded our original expectations for these wells, which is why we expanded this project from three wells to five wells. Based on the log results, we expect the test results of the 2nd and 3rd Shamrock wells to be as strong as the Polinard-Lee No. 1. All three wells will finish testing this week and the gathering system is completed. We are currently awaiting the Pipeline company to supply the Tap into the line Drilling of the additional two wells, the Red Breast and the Michael Collins is scheduled to begin October 25th."
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.