SOURCE: Ameriwest Energy Corp.

Ameriwest Energy Corp.

February 17, 2009 08:45 ET

Ameriwest Energy Receives Permit Approval to Drill at Geary Prospect

CASPER, WY--(Marketwire - February 17, 2009) - Ameriwest Energy Corp. (OTCBB: AWEC) ("Ameriwest" or the "Company") is pleased to announce that the requisite permit approvals from the Wyoming Oil and Gas Conservation Commission have been granted thereby paving the way towards commencement of drilling operations for the Ameriwest Fee #1 well at the Company's Geary Prospect location.

Ameriwest recently submitted payment along with a full work plan identifying the location, timeline, infrastructure, access and electrical needs as required by law and the commission returned a timely approval on February 12th. The spud date remains as planned for on or near to March 16th and the Company intends to begin site preparations without delay.

Once drilling has begun, Ameriwest anticipates approximately 12 days to reach target depth. Based on initial results the Company could immediately elect to complete the well requiring an estimated 5 additional days prior to a brief period of testing and full assessment of the new well.

The target location is offset to 2 wells located in a well-documented part of the Geary Dome field in a prolific portion of the Powder River basin which has historically produced many millions of barrels of oil from several nearby fields. The main objective is structurally on trend with existing production within the Cretaceous Dakota sandstone formation with the possibility of production from other Cretaceous sands including the Upper and Lower Muddy, and Wall Creek (Frontier) sands. Initial estimates based on a full field program with 40 acre spacing across an estimated 18 wells indicate possible reserves of approximately 3 MMBO.

Company President Walter Merschat states, "We now have all our permits in place and are mobilizing to get equipment into the field as soon as possible. Everything is moving ahead as planned."

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 and 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