SOURCE: Ameriwest Energy Corp.

April 21, 2008 09:00 ET

Ameriwest Energy Enters Into Option to Purchase Cole Creek Oilfield, Wyoming

CASPER, WY--(Marketwire - April 21, 2008) - Ameriwest Energy Corp. (OTCBB: AWEC) ("Ameriwest" or the "Company") wishes to announce that it has entered into an exclusive option to purchase (the "Agreement") the Cole Creek Oilfield Unit and Adjacent Leases located on or near the Cole Creek anticline in Natrona and Converse Counties, Wyoming. These interests include leasehold, production, reversionary interests, reserves, and equipment purchased from Alpha Development Company and JK Minerals.

There are approximately 14,000 gross acres of leasehold on or adjacent to the Cole Creek Anticline of which 7,800 acres are within the Cole Creek Unit and the balance in various Held By Production ("HBP") and term leases. Within the Cole Creek Unit, Ameriwest is purchasing slightly more than 68% of all formations from the surface to the base of the Shannon Formation which is at 4500' and will be operated by Ameriwest. Below the base of the Shannon formation, Ameriwest will own approximately 35% of the working interest in the productive formations which are Frontier, Dakota, and Lakota and the same percentage of the potentially productive formations which are the Niobrara Shale, Muddy Sand, Mowry Shale and the Tensleep Sand.

The Original Oil in Place ("OOIP") in the Shannon, Frontier, Dakota, and Lakota formations has been calculated in an early study by Mobil Oil and recently studied by an independent geologist in 2001. These earlier noted assessments indicate the OOIP was estimated at 125,298,000 standard barrels of oil ("STBO") of which, the Wyoming Oil & Gas Conservation Commission estimates that 18,565,000 STBO has been produced from the field to-date. Presently, NITEC LLC of Denver, Colorado is substantiating these numbers as well as calculating the recoverable reserves by tertiary recovery methods. Currently, the existing operational wells within Cole Creel Field are producing a cumulative 225 Barrels of Oil Per Day ("BOPD").

It is estimated that upon completion of due diligence and acceptance by all parties, that the agreement could close within the next few months.

Full details regarding the agreement will be submitted shortly to the Securities and Exchange Commission ("SEC") as part of the Company's Form 8-K filing regulatory disclosure.

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