SOURCE: Ameriwest Energy Corp.

May 05, 2008 11:14 ET

Ameriwest Energy Engages Petroleum Engineers Ryder Scott Company to Assess Reserves

CASPER, WY--(Marketwire - May 5, 2008) - Ameriwest Energy Corp. (OTCBB: AWEC) ("Ameriwest" or the "Company") wishes to announce that it has engaged Ryder Scott Company, L.P. ("Ryder Scott") as petroleum engineers in order to prepare oilfield reserve assessments on Ameriwest's behalf.

Ryder Scott will prepare estimates of remaining proved, probable and possible oil and gas reserves attributable to interests in the South Glenrock "C," Cole Creek and Burke Ranch fields which Ameriwest is evaluating for potential acquisition and which are all located in the state of Wyoming.

Founded in 1937 and based in Houston, Ryder Scott is one of the largest, oldest and most respected reservoir-evaluation consulting firms in the industry. The firm has earned worldwide recognition for reliably predicting the performance of complex oil and gas reservoirs in all major petroleum provinces. With 66 professional petroleum engineers and geoscientists, Ryder Scott conducts reserves evaluations, geoscience & geology studies, field development and EOR design, reservoir simulation, economic analysis and management consulting.

The initial reports will be prepared by Ryder Scott on the South Glenrock "C" field and are slated for completion on or near June 30th. Similarly, it is planned that the Cole Creek evaluation would follow approximately 4 weeks afterwards and lastly, the Burke Ranch evaluation approximately 4 weeks later.

As part of the terms of the engagement, Ryder Scott will also prepare an economic feasibility study of each field based on the CO2 flooding simulation studies conducted previously by NITEC, LLC. These studies will provide P10, P50 and P90 estimates of all 3 oilfields.

Company President Walter Merschat states, "We are on-track and moving ahead steadily with arguably the best company available in which to assess these fields. We look forward to the results of these evaluations in just a few weeks time and the significant information we will be able to report upon their completion. With Ryder Scott's assessment in hand, combined with what we have already learned from NITEC, we will be able to plan our next steps very quickly."

About Ameriwest Energy Corp. (OTCBB: AWEC)

Ameriwest Energy Corp. is a growing, expertly managed energy company focused on producing underdeveloped oil resources in the prolific Rocky Mountain region of the United States. The company is striking a strategic balance between low-risk tertiary recovery projects and extensively mapped exploration plays with significant upside potential. Visit our website at www.ameriwestenergy.com

Notice Regarding Forward-Looking Statements

Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding development and exploration activities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Ameriwest to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Ameriwest Energy Corp., or any affiliates, has little or no control. Risks, uncertainties and other factors are discussed in documents filed from time to time by Ameriwest with the Securities Exchange Commission. There is no assurance that Ameriwest's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. Information concerning oil reserve estimates may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

On Behalf of the Board
Ameriwest Energy Corp.
Walter R. Merschat, President

Contact Information

  • Investor Relations Contact
    Great Northwest Investor Relations, Inc.
    1-888-697-4712
    Visit our website at www.ameriwestenergy.com