SOURCE: Wall Street News Alert

May 03, 2005 08:28 ET

Wall Street News Alert: CWPC Reaches Financing Agreement With CIBC World Markets!

NOTE TO EDITORS: The Following Is an Investment Opinion Being Issued by Wall Street Capital Funding.

WESTON, FL -- (MARKET WIRE) -- May 3, 2005 -- Wall Street News Alert's "stocks to watch" this morning are: Can West Petroleum (OTC BB: CWPC), Microsoft Corp. (NASDAQ: MSFT), Pfizer Inc. (NYSE: PFE) and Powerwave Technologies, Inc. (NASDAQ: PWAV).

Aggressive investors and traders may set their sights on Can West Petroleum (OTC BB: CWPC) again this morning. Yesterday after the markets closed, the company (an oil and gas exploration and development company) issued a press release announcing that its subsidiary, Oilsands 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.

This could be great news for investors! The proceeds of the offering will be used primarily to fund a 2005 exploration program on its lands located within the Athabasca Oil Sands.

Investors watch the progress of CanWest Petroleum! In late March, the company issued a press release outlining the progress of the company's programs. Highlights from the press release included:

The 2005 exploration and drilling program on the 1.4 million acre (60 townships) Firebag East lands is ready to start. Oilsands Quest Inc. has secured a truck mounted coring rig as well as a 16-person mobile trailer camp. The exploration program is expected to include a minimum of 20 exploration wells during 2005.

The release also updated the company's drilling programs and included information concerning: Sylvan Lake Initial Oil Well Drilling; Barrhead Natural Gas Initial Well to Be Completed; Energy 51's New Drilling Projects and a Pasquia Hills Oil Shale Project Update.

For more in-depth coverage of Can West Petroleum, visit http://www.backissuesofnewsalerts.us/CWPC0502.html

Prior to yesterday's press release, the stock closed at Forty Three cents a share.

In case you are unfamiliar with the company: 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.

Stocks showing interesting activity yesterday at the close of the regular trading day were: Microsoft Corp. (NASDAQ: MSFT) down 0.2% on 54.3 million shares traded, Pfizer Inc. (NYSE: PFE) up 0.8% on 17.9 million shares traded and Powerwave Technologies, Inc. (NASDAQ: PWAV) up 15.7% on 9.5 million shares traded.

Commentary:

"On Monday the markets managed to keep the indexes in positive territory even as oil once again edged higher and a slew of economic data out this week, along with the big FOMC meeting today, is sure to make analysts and investors keep a sharp eye on the news this week. Additionally, earnings are still coming out this week for many of the major components of the indexes," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.

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