CanWest Petroleum Corporation

CanWest Petroleum Corporation

January 06, 2005 03:05 ET

CanWest Petroleum Corporation: Pasquia Hills Project


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CANWEST PETROLEUM CORPORATION

OTC Bulletin Board SYMBOL: CWPC

JANUARY 6, 2005 - 03:05 ET

CanWest Petroleum Corporation: Pasquia Hills Project

CALGARY, ALBERTA--(CCNMatthews - Jan. 6, 2005) - CanWest Petroleum
Corporation (OTCBB:CWPC). CanWest Petroleum Corporation and NOVA
Chemicals Corporation have agreed to jointly study the feasibility of
the Pasquia Hills Oil Shale Project as a potential source of
petrochemical feedstocks.

NOVA Chemicals will retain the right to purchase all future feedstock
production from the Project on a preferred basis, leaving CanWest
Petroleum Corporation the owner of the proposed mine site and primary
processing plant.

The Pasquia Hills Oil Shale Project is located in central Saskatchewan,
Canada and covers approximately 850,000 acres, including a mine site of
50,000 acres with a drill indicated resource, on a fully risked basis,
of 2.4 billion barrels shale oil grading 7.8% kerogen by weight
containing 59% aromatics.

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

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