CanWest Petroleum Corporation
OTC Bulletin Board : CWPC

CanWest Petroleum Corporation

September 13, 2005 10:00 ET

CanWest Petroleum Corporation: Winter Drill Program Planned for Athabasca Oil Sands Property with an Estimated Resource of 3.4 Billion Barrels Bitumen

CALGARY, ALBERTA--(CCNMatthews - Sept. 13, 2005) - CanWest Petroleum Corporation (OTCBB:CWPC) (the "Company"). On August 25, 2005, the Company received notice that it was successful in its bid to purchase the 23,040-acre Eagle Nest Prospect, situated in the Athabasca Oil Sands in Alberta, Canada, for a cash price of US $727,187. The Alberta Energy Utilities Board ("EUB"), in its Crude Bitumen Resource Atlas of May 1996, estimated an initial in-place resource of 3.4 billion barrels crude bitumen on the Eagle Nest Prospect.

The Company, through its wholly owned subsidiary, Township Petroleum Corporation, owns a 100% interest in the Eagle Nest Prospect, subject to a $.09 CDN per barrel royalty and other cash payments. The Eagle Nest Prospect is located in Township 101 North, Range 13 West of the 4th Meridian and is some 70 miles west of the Company's Firebag East Oil Sands Project. The Eagle Nest Prospect is within the Athabasca Oil Sands trend and usually accessible by winter road for exploration.

The Company plans to drill approximately 12 exploratory holes this winter in an effort to confirm, in part, the EUB resource estimate of the Eagle Nest Prospect. The estimated cost for the proposed drilling project is US$2,000,000. There is no assurance the Company will be able to confirm the EUB estimate.

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. The bitumen resource is within the McMurray formation and at an approximate depth of 550 meters (1700 feet).

If the proposed exploratory drilling program on the Eagle Nest Prospect indicates there may be resources present, it may be amenable to recovery using the current and widely used SAGD (Steam Assisted Gravity Drainage) technology, which is used to recover bitumen from within the subsurface where it is too deep to mine. SAGD technology consists of two horizontal wells that are ideally about 5 meters (16 feet) apart vertically and up to one kilometer (0.62 miles) in length. The upper horizontal well provides steam under pressure, which is designed to melt the bitumen. The lower horizontal well is designed to be the bitumen producer. The upper and lower wells are called a "well pair". Each "well pair" can potentially, in the right resource, produce up to several thousand barrels bitumen per day, with potential recoveries of approximately 60% of the bitumen in place. Arrays of such "well pairs" are currently producing up to 30,000 barrels per day of crude bitumen at Encana's Foster Creek Project.

SAFE HARBOR STATEMENT - This news release may include forward-looking statements within the meaning of Section 27A of the United States Securities Act of 1933, as amended, and Section 21E of the United States Exchange Act of 1934, as amended, with respect to achieving corporate objectives, developing additional project interests, the Company's analysis and development of various resource project interests and certain other matters. These statements are made under the "Safe Harbor" provisions of the United States Private Securities Litigation Reform Act of 1995 and involve risks and uncertainties which could cause actual results to differ materially from those in the forward looking statements contained herein. Forward-looking statements involve risks and uncertainties. Words such as "will", "anticipates", "believes", "plans", "goal", "expects", "future", "intends", and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks described in this press release. Such risks include, but are not limited to terrorist activities that may affect our business or the economy in general; lack of success in exploration, drilling and/or production activities; the prices of oil and gas, and costs of production thereof; lack of funds to conduct oil and gas activities; increase in costs of production, and similar risks. For further information about the Company, please refer to its materials filed with the Securities and Exchange Commission and available on the SEC website at www.sec.gov.

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