CanWest Petroleum Corporation: Two Financings Totaling $4.4 Million CDN and $2 Million USD are Completed to Fund all Projects for 2005.CALGARY, Alberta -- CanWest Petroleum Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CWPC CWPC Contingency Wartime Planning Course CWPC Certified Wellness Program Coordinator ) - OILSANDS QUEST OILSANDS QUEST SUCCESSFULLY COMPLETES FINANCING AND IS READY TO UNDERTAKE DRILLING Oilsands Quest Inc. an operating subsidiary of CanWest Petroleum Corporation announces it has successfully completed a $4.4 million 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. equity financing with CIBC World Markets CIBC World Markets is the investment banking division of the Canadian Imperial Bank of Commerce. It helps governments, large companies, and other large institutions obtain capital and credit and is a primary dealer in U.S. Treasury securities. Inc. acting as its agent, fully funding its planned 2005 exploration program leaving CanWest with a 54.4% equity interest in Oilsands Quest. The Company has submitted a detailed exploration proposal to the Province of Saskatchewan to initiate exploratory drilling on permits the Company owns. Oilsands Quest has also initiated a process of local community consultation to establish awareness and understanding of the Company's plans for its exploration program, which subject to Government approval will start this summer. Oilsands Quest holds a 100% interest in 13 exploration permits covering 846,680 acres (342,639 hectares) of land in northwest Saskatchewan. Basis for the exploration program The purpose of the exploration program is to prove the Company's belief its permits 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 Alberta. Cores and logs from exploratory drilling on the Company's permits in the 1970s provide proof of bitumen-bearing sand deposition; there are also numerous visible bitumen-bearing outcrops nearby. This information, correlated with current data from exploration programs in Alberta near the Saskatchewan border, has led Oilsands Quest to propose its exploration program with the goal of proving the existence of commercially viable oil sands deposits in Saskatchewan. At the present time, the closest bitumen production 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. region is Suncor Inc.'s Firebag Project, which is located within 50 km of Oilsands Quest's permit boundary. Also nearby are the Synenco Northern Lights, Husky Sunrise and Imperial Oil Kearl Lake oil sands projects. Initial exploration program Oilsands Quest plans to drill, core and geophysically log 25 resource delineation wells during the summer of 2005. The Company is also seeking Government approval for construction of a main access road, trails to drill locations and the site for a 16-person camp. CanWest Petroleum Corporation CanWest has completed a Private Placement as to $2 million 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. as disclosed in its 8-K to fund its other ongoing projects including the Sylvan Lake and Barrhead drilling projects; the Nova Chemical Pasquia Hills Joint Venture; and the Sulfoxy Joint Venture. The Company has approximately $1 million USD unallocated working capital. About CanWest Petroleum Corporation CanWest Petroleum Corporation has two very large projects with exceptional upside potential 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. For more information please visit www.canwestpetroleum.com. 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) |
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