SOURCE: Ameriwest Energy Corp.

Ameriwest Energy Corp.

February 26, 2009 09:00 ET

Ameriwest Energy Reviews Favorable Independent Geologist Report on Geary Prospect

CASPER, WY--(Marketwire - February 26, 2009) - Ameriwest Energy Corp. (OTCBB: AWEC) ("Ameriwest" or the "Company") is pleased to advise that it has received the anticipated independent assessment of the target data specific to the upcoming Ameriwest Fee #1 well to be drilled at the Company's Geary Prospect location on or near March 16th, 2009.

As announced on February 4th the Company had contracted the services of licensed professional Geologist Connie Hawkins in order to independently compare, review and assess all available data in preparation of the upcoming drilling program at the Geary Prospect location.

In summary, the report states, "Based on the review of data provided to me and my own analysis of well log data and my experience in the area, the client's (Ameriwest's) interpretation of the Geary Prospect is entirely reasonable in representing the potential of the Dakota Formation, honors the available data upon which such an interpretation is based, and in fact is in all major parts very similar to my own independent interpretation. This prospect offers an excellent opportunity to develop additional oil reserves from the Dakota along depositional strike adjacent to proven production."

Materials used as the basis of the analysis include isopach and structure maps of the Dakota sands formation as well as private reference data and the construction of several cross-sections and similar maps using Petra© software by the Geologist. The Geary Prospect is located in a prolific portion of the Powder River basin that has historically produced many millions of barrels of oil from such well known nearby fields as Burke Ranch, Big Muddy, South Glenrock, and South Cole Creek to name a few. These fields all produce from Cretaceous age reservoirs, among which the lower Cretaceous Dakota Formation is an important contributor. These fields all result from a favorable combination of stratigraphy and structural components and were originally drilled based primarily on their obvious structural component.

The Geologist further added, "Based on my own structural mapping of the prospect area, the map provided by the client is an adequate representation of the structural configuration of the Dakota Formation. Placement of the oil/water contact as shown is also a reasonable conclusion drawn from drilling and well-test data from holes in the area."

As previously noted the proposed well is on private lands and offset to 2 wells located in the Geary Dome field with cumulative production to-date of 323,617 BO and 29,515 MCF gas. It is also located nearby to the Weststar Keenan Fee 14-34 well with cumulative production of 156,860 BO and also within 1/2 mile of the Weststar Keenan Fee 16-27 well with cumulative production figures of 166,757 BO to date.

Company President Walter Merschat states, "We are very pleased by the results of the report. This independent assessment shows our data is valid and that we are on target with a very strong probability of success. We couldn't be more pleased and are increasingly excited and looking forward to tangible results within the next few weeks."

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