|Moderated By: seen-the-light -- (Moderated) -- Started: 1/23/2006 11:51:57 PM Revision History|
CanWest Petroleum Corporation is a unique oil and gas company with exposure to significant upside value from three large world-class projects with the potential for several billion barrels oil resource.
Thornton Donaldson, President, noted "Our Company has strategically positioned itself as the controlling shareholder of Oilsands Quest Inc. (with 70% equity), a private Calgary based company that now holds the second largest prospective land position in the Athabasca Tar Sands Region known as Firebag East. Oilsands Quest Inc. is the operator and under the direction of its' president Christopher Hopkins is prepared for a major exploration program starting early November 2005 as to 150 drill holes with the potential to discover a world class oil resource of several billion barrels which is in keeping with the reserves to the west. This is truly a major achievement for an emerging-growth junior company such as ours."
Mr. Hopkins, President of Oilsands Quest, was a Senior Vice President of Synenco Energy Inc during its formative years which now plans to produce 100,000 barrels oil/day by 2009 with announced reserves of more than 1.5 billion barrels oil from its Northern Lights Project.
CanWest has recently acquired a 100% interest in 23,040 (one township) acres of prospective Athabasca Oil Sands within the Athabasca District subject to certain cash payments and royalties as to 9 cents per barrel. The Energy Utilities Board estimates 3.4 billion barrels of reserves. Based on several drill cores and logs on the Eagle Nest Prospect, the bitumen pay in the McMurray formation averages 20 meters thick and grades over 8% bitumen by weight and may be suitable for SAGD production. The Company is in the process of seeking approval for a 12 well exploration core hole program that may be drilled in the first quarter of 2005.
The Company also owns 97% of the Pasquia Hills Oil Shale project located in eastern central Saskatchewan and covers approximately 850,000 acres with 50,000 acres deemed a mine site area. The mine site contains a drill indicated resource of 2.3 billion barrels shale oil (44 drill holes) on a fully risked basis that grades 7.5% kerogen by weight of which 59% are aromatics including benzenes, naphtha, olefins and parafins with an overall potential of 8 billion barrels. The benzenes and naphthas are characterized by Nova Chemicals as petrochemical feedstocks. The Company is in a joint venture with Nova Chemicals to complete a feasability study. At this time, Apex Engineering is building a steam assisted retort to identify maximum yields as well the Company is also recalculating the ore body to identify the highest grade pay zone as to one billion barrels.
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