CanWest Petroleum Corporation
AMEX : BQI

CanWest Petroleum Corporation

October 23, 2006 09:30 ET

CanWest Petroleum Vice President Presents Key Note Address at SEDA Symposium in Prince Albert, Saskatchewan

CALGARY, ALBERTA--(CCNMatthews - Oct. 23, 2006) - CanWest Petroleum Corporation (AMEX:BQI) -

CanWest Petroleum Corporation's Vice President of Corporate & Strategic Development, Patricia A. Beatch, gave the key note luncheon address at the "Managing Through Change" symposium held by the Saskatchewan Economic Developers Association (SEDA) on Thursday, October 19, 2006, in Prince Albert, Saskatchewan. CanWest Petroleum and its subsidiary, Oilsands Quest Inc., were invited to talk about the company's oil sands exploration program, which is being conducted in northwest Saskatchewan and is the province's first major oil sands initiative.

In her presentation, Ms. Beatch provided an overview of Canada's oil sands resources, Oilsands Quest's role as an exploration company and an update of the company's plans for the coming winter drilling season. She also addressed the potential impact of the development of an oil sands industry in northwest Saskatchewan, if significant commercially viable deposits of Athabasca oil sands are proven to extend across the Alberta border into Saskatchewan.

"Our exploration program is focused on proving that commercial deposits of oil sands exist in Saskatchewan," said Ms. Beatch. "Based on the results of core drilling to date, we believe there could be the potential for multiple commercial oil sands projects. If we are successful in proving this, there will be substantial spin-off benefits in terms of employment, supporting industries and government revenues." However, she cautioned that, if oil sands resources are sufficient to support commercial projects, the development of an oil sands industry will not happen overnight.

"Typical lead time from the start of exploration to first production for an oil sands project is eight to twelve years. If there are resources to support multiple commercial projects, we envision the projects would be phased in over time which would facilitate gradual, responsible development," she explained.

The PowerPoint presentation Ms. Beatch used for her speech at the SEDA symposium is posted on the companies' web sites (www.canwestpetroleum.com and www.oilsandsquest.com) (See "Presentations" in the Investor Information section).

CanWest Petroleum is spending $40 million US on its 2006/07 exploration program. In its first season of exploration drilling, conducted in winter 2005/06, the company conducted a one-rig program and drilled 24 holes, of which 19 intersected the bitumen-bearing McMurray formation. For its 2006/07 drilling program, the company has contracted eight core drilling rigs and is planning to drill up to 250 holes.

A public company (AMEX:BQI), CanWest Petroleum Corporation is engaged in a variety of projects in the oil and gas industry in Western Canada with an emphasis on oil sands and oil shale.

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the companies' operations, markets, products and prices, and including other factors discussed in CanWest Petroleum Corporation's various filings with the Securities and Exchange Commission.

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