CanWest Petroleum Corporation
OTC Bulletin Board : CWPC

CanWest Petroleum Corporation

October 17, 2005 19:07 ET

CanWest Petroleum Corporation: Independent Director Appointment; 25 Core Hole Drilling Program at Firebag East

CALGARY, ALBERTA--(CCNMatthews - Oct. 17, 2005) - CanWest Petroleum Corporation (OTCBB:CWPC) -

The Company is pleased to announce the appointment of Romeo D'Angela B.A.S.C. (Engineering), M.B.A., and C.F.A. to its Board of Directors. Mr. D'Angela is currently President of Novadan Capital Ltd. of Toronto and has over 20 years experience in research, financial analysis and portfolio management with several large financial institutions before becoming President of Novadan Capital. Mr. D'Angela and Novadan Capital Ltd. have been active investors in several Canadian Athabasca Oil Sands companies as well as other emerging companies in the energy sector.

About the Company

Firebag East Project - the Saskatchewan Government has approved the Environmental Protection Plan for an initial 25 core-hole drilling program on the Firebag East oil sands project in Northwest Saskatchewan. Oilsands Quest, CanWest's 54% owned operating subsidiary, expects to initiate exploratory drilling before the end of October 2005.

This is the first phase of a multi-phase exploration-drilling program to prove the Firebag East lands contain eastern extensions of the rich bitumen trends found in the adjacent Athabasca oil sands region of Alberta. Bitumen deposition on the Firebag East lands was previously intersected by drill cores and associated geophysical log analysis undertaken in the 1970's. The initial core holes of the 25-hole program will be drilled off setting two previously cored holes. A second phase winter drilling program of approximately 125 holes is also planned.

Exploration permits known as Firebag East cover 846,680 acres of land which is one of the largest land positions assembled for exploration in the Athabasca oil sands region. At present, the closest bitumen production in the Athabasca oil sands region is Suncor's Firebag development located about 30 miles (50 km) west of Firebag East and is currently producing 10,000 to 15,000 barrels of bitumen per day with reported reserves of 9 billion barrels.

Eagle Nest Prospect -

The Company owns a 100% interest in the 23,040-acre Eagle Nest Prospect, situated in the Athabasca Oil Sands in Alberta, Canada. The Alberta Energy Utilities Board ("EUB"), in its Crude Bitumen Resource Atlas of May 1996, estimates an initial in-place resource of 3.4 billion barrels crude bitumen on the Eagle Nest Prospect.

The Company plans to drill approximately 12 exploratory holes this winter in an effort to confirm the EUB resource estimate of the Eagle Nest Prospect.

The Company's independent consultants note there are seven previous exploration wells drilled on the Eagle Nest Prospect that indicate, on a preliminary basis, an average net bitumen pay of 14 meters (46 feet) and an average bitumen content of 11% by weight, with a porosity of 33%, which tend to support the EUB estimates.

Pasquia Hills Prospect - the Pasquia Hills Oil Shale project covers approximately 850,000 acres located in Central Saskatchewan, Canada, which includes a 50,000-acre mine site containing a resource of 4.3 billion barrels of shale oil, which contain 59% aromatics by weight. The aromatics, which include benzenes and naptha, are valuable petrochemical feedstocks for the plastics industry.

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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