SOURCE: Ameriwest Energy Corp.

September 16, 2008 08:00 ET

Update -- Research Alert -- Bridge IR Initiates Price Target for Ameriwest Energy

Ameriwest Energy Announces Plans for First Well at Geary Prospect, Wyoming

CASPER, WY--(Marketwire - September 16, 2008) - Ameriwest Energy Corp. (OTCBB: AWEC) ("Ameriwest" or the "Company") is pleased to announce that noted research firm, Bridge IR, has initiated their equity rating on AWEC. This newly arrived at price target comes at a time when the company has recently announced plans to spud the Ameriwest Fee #1 well close to November 5th of this year.

Upon commencement of drilling, Ameriwest anticipates a 10 day to 2 week period to achieve the target depth of approximately 7,000 feet and under the terms of its agreements, Ameriwest will receive a 75% Net Revenue Interest ("NRI") until payout based on a 3 well program of which this is the first to commence.

The Company has previously announced that one of the primary aims of this program is to achieve a 50% ownership of the approximately 3,040 gross acres within the Geary Prospect located in Natrona and Converse Counties, Wyoming under the terms of agreements in-place.

The Geary Prospect is located in the southwestern portion of the Powder River Basin where millions of barrels of oil have been produced from many nearby fields. Initial estimates based on a full field program of approximately 18 proposed wells indicate possible reserves of approximately 3 MMBO.

Ameriwest Director Chris Wright states, "We are very pleased to have a quality independent research firm review our overall operations, undertake an analysis of our prospects and review our efforts to-date. We trust that the resultant coverage will offer further confirmation to our shareholders that our company is clearly headed in the right direction for all concerned."

Bridge IR is noted for their work with account executives, analysts, portfolio managers, institutions, venture capital investors, individual investors and the media. To view the entire independent research report, please click on the attached URL: www.bridgeir.com/AWEC_Initiation_Report.pdf.

About Ameriwest Energy Corp. (OTCBB: AWEC)

Ameriwest Energy Corp. is a growing, expertly managed energy company focused on producing underdeveloped oil resources in the prolific Rocky Mountain region of the United States. The company is striking a strategic balance between low-risk tertiary recovery projects and extensively mapped exploration plays with significant upside potential. Visit our website at www.ameriwestenergy.com.

Notice Regarding Forward-Looking Statements

Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding development and exploration activities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Ameriwest to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Ameriwest Energy Corp., or any affiliates, has little or no control. Risks, uncertainties and other factors are discussed in documents filed from time to time by Ameriwest with the Securities Exchange Commission. There is no assurance that Ameriwest's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements. Information concerning oil reserve estimates may also be deemed to be forward-looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed.

On Behalf of the Board
Ameriwest Energy Corp.
Walter R. Merschat, President

Contact Information

  • Investor Relations Contact:
    Great Northwest Investor Relations, Inc.
    1-888-697-4712
    Visit our website at www.ameriwestenergy.com