SOURCE: CanWest Petroleum Corporation

May 02, 2005 16:00 ET

CanWest Reaches Financing Agreement With CIBC World Markets

CALGARY, AB -- (MARKET WIRE) -- May 2, 2005 -- CanWest Petroleum Corporation (OTC BB: CWPC), an oil and gas exploration and development company, announced today that its subsidiary, Oil Sands Quest Inc., has reached an agreement with CIBC World Markets, Inc. to appoint them as an exclusive placement agent, on a best effort basis, to complete an equity financing. The proceeds of the offering will be used primarily to fund a 2005 exploration program on its lands located within the Athabasca Oil Sands.

About CanWest Petroleum Corporation

CanWest Petroleum Corporation is exploring world-class petroleum properties in Canada. The Company holds a majority interest in more than 2.25 million acres of prospective oil sand and oil shale land under permit. Oil Sands Quest Inc., an operating subsidiary of CanWest, owns over 1.4 million acres within the Athabasca Oil Sands. The Company also has interest in traditional oil and gas development plays, which may generate cash flows from its own production to provide a stable base of operations. For more information visit http://www.canwestpetroleum.com.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities of Oil Sands Quest Inc. in any jurisdiction. The securities of Oil Sands Quest Inc. to be offered have not and will not been registered under the United States Securities Act of 1933, and may not be offered or sold in the United States without registration or an exemption from registration.

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.

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