CanWest Petroleum Corporation: Year End Progress Report.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 ). Oil & Gas Development Drilling Energy 51, the operator of the Sylvan sylvan emanating from or pertaining to woods. See also sylvatic. and Barrhead projects has advised the Company that it rescheduled spudding of both the initial 7200-foot Sylvan Lake and Barrhead test wells until immediately after the Christmas Holidays given a lack of suitable drilling rigs as well as Christmas Holiday crew scheduling. The exact drilling date will be announced when known. The Company has a 25% working interest in the Sylvan Lake project, which has the potential for four oil and gas wells that may produce 150 barrels oil per day for each well. It also has a 33% working interest in the Barrhead project, which has the potential for four gas wells that may produce 500,000 cubic feet gas per day per well. It is anticipated that the Sylvan Lake and Barrhead projects will provide the Company with significant cash flow from production. Firebag East Project Oil Sands Quest, the Company's Calgary based operating subsidiary (see news release of October 21, 2004) advises its winter exploration program is on schedule and plans to be in the field by February 01, 2005. Details of the exploration program will be released after receiving the necessary Saskatchewan Government approvals. The Firebag East Oil Sands Project totals 1,400,000 acres that host Fort McMurray and Wabiskaw paleochannels containing bitumen bitumen (bĭty  `mən) a generic term referring to flammable, brown or black mixtures of tarlike hydrocarbons, derived naturally or by distillation from petroleum. with potential for a major discovery. This is the largest land holdings in the 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. District. The Firebag East Project is adjacent to and east of world class oil sand projects including Suncor Energy's Firebag Operations, Synenco Energy's Northern Lights Project, Imperial and Husky Oil's Kearl Lake Project, and Petro Canada's Lewis Project, for a total planned production of 500,000 barrels oil per day from 14 billion barrels stated oil reserves. Pasquia Hills Prospect The Pasquia Hills Oil Shale project covers approximately 1,000,000 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 napthalenes, are valuable petrochemical feedstocks for the plastics industry. Summary Profile CanWest Petroleum Corporation (formerly Uranium Power 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. 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 |
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