PETROMIN ANNOUNCES DRILLING IN MORNINGSIDE PROSPECT
Wednesday, 28 September 2011
Vancouver, British Columbia, September 28, 2011 – Petromin Resources Ltd. (“Petromin” or, the “Company”) is pleased to announce that the Company is commencing the drilling and recompletion of a number of prospects it currently controls in Central Alberta.
The first project (awaiting rig availability) is for the immediate drilling of an oil prospect in the Morningside area (NE/4 of section 23) offsetting a Manville dual zone oil/gas producer that has so far produced approximately 166,000 boe ( (barrel of oil equivalent) to date, with an initial flow rate of approximately 378 barrels of oil per day along with one million cu. ft. of gas per day. Additional locations have been identified depending on the success of this first well. The Company retains a gross overriding royalty before payout, convertible to a 25% working interest after payout. The well will be drilled at no cost to Petromin. A number of recompletions are also scheduled for the Company’s Frog Lake and Gilby areas with significant increases in production anticipated after the recompletions