CanWest Petroleum Corporation

CanWest Petroleum Corporation

March 02, 2005 09:00 ET

CanWest Petroleum Corporation: Key Projects Updated


NEWS RELEASE TRANSMITTED BY CCNMatthews

FOR: CANWEST PETROLEUM CORPORATION

OTC Bulletin Board SYMBOL: CWPC

MARCH 2, 2005 - 09:00 ET

CanWest Petroleum Corporation: Key Projects Updated

CALGARY, ALBERTA--(CCNMatthews - March 2, 2005) - CanWest Petroleum
Corporation (Formerly Uranium Power Corporation) (OTCBB:CWPC). Thornton
Donaldson, President is pleased to report progress on its four key
projects.

Sylvan Lake Oil Development Drilling Project

Energy 51, the operator, has contracted a drilling rig to be on site
March 8th to drill the initial 7,200 ft Sylvan Lake well to test the
Pekisko oil and the Shunda gas formations. The drilling and initial
testing is expected to take approximately 12 days. CanWest Petroleum has
a 25% working interest in the Sylvan Lake project that has the potential
for four oil and two gas wells where each well has the potential to
produce approximately 300 barrels oil per day from the Pekisko oil
formation with potential reserves of 500,000 barrels oil. In addition ,
the Shunda gas formation which is a secondary target, has the potential
for approximately 1,000,000 cubic feet gas per day per well with
potential reserves of three billion cubic feet gas.

Barrhead Natural Gas Development Drilling Project

Energy 51, the operator, advises that the drill pad has been completed
and expects to contract a drilling rig in the next several days to spud
the initial well to test the Belly River and Edmonton gas formations to
a depth of 3200 feet. The Barrhead is a three section development
drilling program with a minimum potential for six wells with reserves of
approximately 0.6 billion cubic feet gas per well with a wellhead sales
price of approximately $5 USD per thousand cubic feet gas produced.
CanWest Petroleum is maintaining a 12.5% project working interest.

CanWest expects to review additional drilling projects from Energy 51
during the year.

Firebag East Athabasca Oil Sands Project

Oil Sands Quest Inc., the operator, and subsidiary of CanWest Petroleum
reports it is sufficiently funded to initiate its 2005 exploration
program when it has received approval from the Saskatchewan Government
for the work program.

Pasquia Hills Oil Shale Project

A Joint Venture meeting with Nova Chemicals Corporation is planned for
mid-month.

Corporate Summary

CanWest Petroleum Corporation has two very large projects with
exceptional upside potential of several billion barrels oil, coupled
with probable cash flow from its own production to provide a stable base
of operations. An experienced, Calgary based management team is
operating each project. Management is not aware of any material reason
for unusual activity in its secondary market.

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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