CanWest Petroleum Corporation: Key Projects Updated.CALGARY, Alberta -- CanWest Petroleum Corporation (Formerly Uranium Power Corporation) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CWPC CWPC Contingency Wartime Planning Course CWPC Certified Wellness Program Coordinator ). Thornton Donaldson, President is pleased to report progress on its four key projects. Sylvan Lake Oil Development Drilling Project Energy 51, the operator, has contracted a drilling rig to be on site March 8th to drill the initial 7,200 ft Sylvan Lake well to test the Pekisko oil and the Shunda gas formations. The drilling and initial testing is expected to take approximately 12 days. CanWest Petroleum has a 25% working interest in the Sylvan Lake project that has the potential for four oil and two gas wells where each well has the potential to produce approximately 300 barrels oil per day from the Pekisko oil formation with potential reserves of 500,000 barrels oil. In addition , the Shunda gas formation which is a secondary target, has the potential for approximately 1,000,000 cubic feet gas per day per well with potential reserves of three billion cubic feet gas. Barrhead Natural Gas Development Drilling Project Energy 51, the operator, advises that the drill pad has been completed and expects to contract a drilling rig in the next several days to spud the initial well to test the Belly River and Edmonton gas formations to a depth of 3200 feet. The Barrhead is a three section development drilling program with a minimum potential for six wells with reserves of approximately 0.6 billion cubic feet gas per well with a wellhead well·head n. 1. The source of a well or stream. 2. A principal source; a fountainhead. 3. The structure built over a well. wellhead Noun 1. sales price of approximately $5 USD USD In currencies, this is the abbreviation for the U.S. Dollar. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. per thousand cubic feet gas produced. CanWest Petroleum is maintaining a 12.5% project working interest. CanWest expects to review additional drilling projects from Energy 51 during the year. Firebag East 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. Project Oil Sands Quest Inc., the operator, and subsidiary of CanWest Petroleum reports it is sufficiently funded to initiate its 2005 exploration program when it has received approval from the Saskatchewan Government for the work program. Pasquia Hills Oil Shale Project A Joint Venture meeting with Nova Chemicals Corporation is planned for mid-month. Corporate Summary CanWest Petroleum Corporation has two very large projects with exceptional upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar of several billion barrels oil, coupled with probable cash flow from its own production to provide a stable base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army . An experienced, Calgary based management team is operating each project. Management is not aware of any material reason for unusual activity in its secondary market. 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