CanWest Petroleum Corporation: Independent Director Appointment; 25 Core Hole Drilling Program at Firebag East.CALGARY, Alberta -- CanWest Petroleum Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CWPC CWPC Contingency Wartime Planning Course CWPC Certified Wellness Program Coordinator ) - The Company is pleased to announce the appointment of Romeo D'Angela B.A.S.C. (Engineering), M.B.A., and C.F.A. to its Board of Directors. Mr. D'Angela is currently President of Novadan Capital Ltd. of Toronto and has over 20 years experience in research, financial analysis and portfolio management with several large financial institutions before becoming President of Novadan Capital. Mr. D'Angela and Novadan Capital Ltd. have been active investors in several Canadian 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. companies as well as other emerging companies in the energy sector. About the Company Firebag East Project - the Saskatchewan Government has approved the Environmental Protection Plan for an initial 25 core-hole drilling program on the Firebag East oil sands project in Northwest Saskatchewan. Oilsands Quest, CanWest's 54% owned operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , expects to initiate exploratory drilling before the end of October 2005. This is the first phase of a multi-phase exploration-drilling program to prove the Firebag East lands contain eastern extensions of the rich bitumen bitumen (bĭty  `mən) a generic term referring to flammable, brown or black mixtures of tarlike hydrocarbons, derived naturally or by distillation from petroleum. trends found in the adjacent Athabasca oil sands region of Alberta. Bitumen deposition on the Firebag East lands was previously intersected by drill cores and associated geophysical log analysis undertaken in the 1970's. The initial core holes of the 25-hole program will be drilled off setting two previously cored holes. A second phase winter drilling program of approximately 125 holes is also planned. Exploration permits known as Firebag East cover 846,680 acres of land which is one of the largest land positions assembled for exploration in the Athabasca oil sands region. At present, the closest bitumen production in the Athabasca oil sands region is Suncor's Firebag development located about 30 miles (50 km) west of Firebag East and is currently producing 10,000 to 15,000 barrels of bitumen per day with reported reserves of 9 billion barrels. Eagle Nest Prospect - The Company owns a 100% interest in the 23,040-acre Eagle Nest Prospect, situated in the Athabasca Oil Sands in Alberta, Canada. The Alberta Energy Utilities Board ("EUB EUB Energy and Utilities Board (Alberta, Canada) EUB EU–Büro (Bundesministerium für Bildung und Forschung; German ministry of Science) EUB Electric Upright Bass EUB European Union Bank EUB Essential User Bypass "), in its Crude Bitumen Resource Atlas of May 1996, estimates an initial in-place resource of 3.4 billion barrels crude bitumen on the Eagle Nest Prospect. The Company plans to drill approximately 12 exploratory holes this winter in an effort to confirm the EUB resource estimate of the Eagle Nest Prospect. The Company's independent consultants note there are seven previous exploration wells drilled on the Eagle Nest Prospect that indicate, on a preliminary basis, an average net bitumen pay of 14 meters (46 feet) and an average bitumen content of 11% by weight, with a porosity of 33%, which tend to support the EUB estimates. Pasquia Hills Prospect - the Pasquia Hills Oil Shale oil shale Any fine-grained sedimentary rock that contains solid organic matter (kerogen) and yields significant quantities of oil when heated. This shale oil is a potentially valuable fossil fuel, but the present methods of mining and refining it are expensive, damage the project covers approximately 850,000 acres located in Central Saskatchewan, Canada, which includes a 50,000-acre mine site containing a resource of 4.3 billion barrels of shale oil, which contain 59% aromatics by weight. The aromatics, which include benzenes and naptha, are valuable petrochemical feedstocks for the plastics industry. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. 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) |
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