CanWest Petroleum Corporation: Firebag East Athabasca Oil Sands Project Progress Report.CALGARY, Alberta -- CanWest Petroleum Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CWPC CWPC Contingency Wartime Planning Course CWPC Certified Wellness Program Coordinator ) reports that five core holes have been completed to date with a sixth core hole not completed due to a loss of circulation and will be re-drilled later in the program. A seventh core hole was started on February 04. The core samples are being transported to laboratory facilities for analysis, including hydrocarbon assay. The first core's initial assay reports a grade of 12% to 17% bitumen bitumen (bĭty  `mən) a generic term referring to flammable, brown or black mixtures of tarlike hydrocarbons, derived naturally or by distillation from petroleum. (oil) by weight with an approximate average grade of 15%. Final assay reports may change this grade by a minor amount. The production of bitumen in the Athabasca oil sands The Athabasca Oil Sands are a large deposit of oil-rich bitumen located in northern Alberta, Canada. These oil sands consist of a mixture of crude bitumen (a semi-solid form of crude oil), silica sand, clay minerals, and water. comes principally from the McMurray Formation. Five of the six holes have intersected bitumen-bearing McMurray Formation sands with thicknesses ranging from 5 to 27 meters (16 to 89 feet). The core holes are being drilled on 800 meter (2,625 feet) spacing. As the drilling proceeds, the direction, grade, depth and thickness of the bitumen deposition will become known. The Company notes that at this early stage of exploration, the results are very encouraging given initial grade as well as the thickness of the bitumen. In addition, CanWest has completed a funding of Oilsands Quest by purchasing $15,000,000 CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. of Oilsands Quest equity. On funding a further $1,295,000 CDN, it will then own 69.2% of Oilsands Quest on an issued and outstanding basis. As part of this financing CanWest will be nominating an additional Director to Oilsands Quest's Board of Directors. With the acceptance of this nomination by Oilsands Quest Inc., CanWest will have nominated three of the then five members of Oilsands Quest's Board of Directors. Oilsands Quest Inc., a private Alberta company, is the operator of the project and owns 100% of the Firebag East permits. Safe Harbor statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors effecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission. Cusip# 138748 10 8 CanWest Petroleum Corporation (OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. :CWPC) |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion