CanWest Petroleum Corporation
OTC Bulletin Board : CWPC

CanWest Petroleum Corporation
Oilsands Quest Inc.

Oilsands Quest Inc.

October 14, 2005 10:15 ET

CanWest Petroleum Corporation: Key Approval Received for Launch of a 25 Core Hole Drilling Program on the Firebag East Oil Sands Permits in Northwest Saskatchewan

CALGARY, ALBERTA--(CCNMatthews - Oct. 14, 2005) - CanWest Petroleum Corporation (OTCBB:CWPC) and its 54.5% owned operating subsidiary, Oilsands Quest Inc., jointly announce that the Saskatchewan government has approved the Environmental Protection Plan for Oilsands Quest's initial 25 core-hole drilling program on its oil sands exploration permits in northwest Saskatchewan. This is the key regulatory approval required, the remaining permit approvals being procedural and expected in the next few days. On this basis, Oilsands Quest has mobilized personnel and equipment and expects to initiate exploratory drilling before the end of October 2005.

This is the first phase of a multi-phase exploration drilling program planned by Oilsands Quest to prove that its permit lands contain eastern extensions of the rich bitumen trends found in the adjacent Athabasca oil sands region in Alberta. Bitumen deposition on the company's lands was proven by core-hole drilling results and associated geophysical log analysis undertaken in the 1970s. Visible bitumen-bearing outcrops in the area together with current drilling results in Alberta adjacent to the Saskatchewan border have led Oilsands Quest to undertake this program, Saskatchewan's first major oil sands exploration program.

In the first phase of Oilsands Quest's exploration program , 25 core holes will be drilled between October and the end of December 2005. This drilling will be conducted on the Company's permit lands closest to previously drilled and cored holes having proven bitumen shows. Oilsands Quest's drilling contractor is expected to be onsite and ready to commence drilling before the end of October.

A second phase winter drilling program of approximately 125 holes is planned. The application for regulatory approval for this program is being prepared.

"Our program is an important 'first' for the province of Saskatchewan and we recognize and respect that precedents are being set," said Christopher Hopkins, President & CEO of Oilsands Quest. "Throughout the application and approval process, we have worked closely with the various Saskatchewan government departments, including Industry & Resources, Environment and Northern Affairs, as well as with the Clearwater River Dene First Nation and adjacent Metis communities."

Thornton Donaldson, President of CanWest Petroleum Corporation, said, "We are very proud of the initiative shown by Oilsands Quest and of the fact that this exploration program could be of tremendous importance to the province of Saskatchewan. If Oilsands Quest proves easterly extensions of commercially viable oil sands deposits, it could significantly change the future of Saskatchewan's oil and gas industry."

To support its application, Oilsands Quest undertook an extensive process of consultation with communities on or near its permit lands and a comprehensive program of ecological surveys and environmental studies on the target lands.

Exploration permits held by Oilsands Quest cover 846,680 acres of land which represents one of the largest land positions assembled for exploration in the Athabasca oil sands region. At present, the closest bitumen production in the Athabasca oil sands region is Suncor's Firebag development located about 30 miles (50 km) west of Oilsands Quest's permit boundary; it is currently producing 10,000 to 15,000 barrels of bitumen per day.

For more information please visit

Safe Harbor statement under the Private Securities Litigation Reform Act 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

Contact Information