SOURCE:, Chesapeake Energy, Petrol Oil and Gas, Eden Energy Corp., CanWest Petroleum Corp.

February 16, 2006 09:00 ET -- Oil and Natural Gas Industry Outlook on Energy Prices, Supply and Demand

Chesapeake Energy, Petrol Oil and Gas, Eden Energy and CanWest Petroleum Evaluate Impacts of Current Environment on Oil and Gas Sector

POINT ROBERTS, WA -- (MARKET WIRE) -- February 16, 2006 -- (OGSN) and (NGS), global investor websites for the natural gas, energy and oil industries, features the 'Oil and Gas Market Outlook', a report for investors and industry following the sector. Impacts on oil and natural gas prices, supply and demand stemming from mild weather, political turmoil in oil producing areas and the President's emphasis on reducing dependency on foreign oil are evaluated by Chesapeake Energy, Petrol Oil and Gas, Eden Energy Corp and CanWest Petroleum Corporation.

Emphasizing the need for long term planning, Jeff Mobley, Vice President, Investor Relations and Research for Chesapeake Energy Corporation (NYSE: CHK) explains, "The country does need a cohesive energy strategy that makes sense with respect to economics and pays attention to supply and demand. There are plenty of long term fundamentals that are going to be supportive of higher energy prices, therefore longer term thinking is very important."

According to Paul Branagan, CEO of Petrol Oil and Gas (OTC BB: POIG), "Current pricing trends are still well above those for 2005 and from Petrol's point of view that remains a very strong indicator for continued aggressive drilling and development within the natural gas sector."

As President Bush reiterates the need for the reduction of dependence on foreign oil, industry participants evaluate ways to increase the exploration and production of oil domestically. As Don Sharpe, CEO of Eden Energy Corp, (OTC BB: EDNE) explains, "There are a number of things that government and industry can do together to help boost domestic oil supply. These would include streamlining regulatory processes, providing tax incentives to encourage exploration in more remote or high-risk areas, and encouraging non conventional oil production from tar sands, oil shales and heavy oil projects."

As described by Tim Brock, a Consultant with CanWest Petroleum Corporation (OTC BB: CWPC), Canada has the ability, through the development of the Athabasca oil sands that has occurred over the last 10 - 15 years, to help boost domestic supply of oil. "Canada today provides around 15% of the U.S. oil needs and that will probably double over time," according to Brock.

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Featured Oil and Gas Public Companies: (OGSN and NGS are compensated by Petrol Oil and Gas, and Eden Energy as disclosed in disclaimer.)

Eden Energy Corporation (OTC BB: EDNE) has acquired 261,000 acres in Eastern Nevada. This acreage in part encompasses the Noah Oil Prospect, a giant 53-mile long, 7-mile wide linear anticline. For More Info:

Petrol Oil and Gas, Inc. (OTC BB: POIG) is an oil and gas producer whose primary focus is the development and production of oil, gas, and Coal Bed Methane (CBM) in Eastern Kansas and Western Missouri. For More Info: (OGSN), and (NGS), portals within the content umbrella, offer investors research, news and links to public companies within the oil and gas sector. OGSN and NGS do not make recommendations, but offer unique free information portals to research news, articles, interviews and a growing list of participating public companies in the energy industry.

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