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.