The company expects to begin its exploration program on the Firebag East Property in late February 2005, which will include drilling 20 wells.
The Firebag East Property is the largest land holding in the Athabasca Oil Sands Region, spanning 1,400,000 acres in 60 townships (2,187 square miles). The Athabasca Oil Sands Region contains the largest hydrocarbon resource in the world estimated at 1.5 trillion barrels of oil with 310 billion barrels of recoverable oil using today’s technology.
Thornton Donaldson president, chairman and director of CanWest Petroleum, stated, CanWest’s Firebag East Oil Sands Project is adjacent to and east of four world class oil sands projects with 14 billion barrel reserves and planned production of 500,000 barrels of oil per day.
Donaldson continued, Our company has strategically positioned itself as the controlling shareholder of a private Calgary based operating company that now holds the largest land position in the Athabasca Region.
The operating company is preparing for an aggressive exploration program in February with the potential to discover a world-class oil resource of several billion barrels, which is in keeping with the Firebag area. This is truly a major achievement for an emerging-growth, junior company such as ours.
