(COMTEX) B: Wall Street News Alert: CWPC Prepares for Aggressive Explorati
B: Wall Street News Alert: CWPC Prepares for Aggressive Exploration Drilling Pro
WESTON, FL, Feb. 03, 2005 (MARKET WIRE via COMTEX) -- Wall Street News Alert's
"stocks to watch" this morning are: Can West Petroleum (OTC BB: CWPC), JDS
Uniphase Corporation (NASDAQ: JDSU), Sun Microsystems, Inc. (NASDAQ: SUNW) and
SBC Communications Inc. (NYSE: SBC).
Aggressive investors and traders may be excited about the latest news from Can
West Petroleum (OTC BB: CWPC). Yesterday after the markets closed, the company
(an oil and gas exploration and development company) issued a press release
announcing further details of its Firebag East Oil Sands Project in Alberta,
Canada.
This could be great news for investors! The Firebag East Property is the largest
land holding in the Athabasca Oil Sands Region, spanning 1,400,000 acres in 60
townships (2,187 square miles). The Athabasca Oil Sands Region contains the
largest hydrocarbon resource in the world estimated at 1.5 trillion barrels of
oil with 310 billion barrels of recoverable oil using today's technology. The
Company announced it expects to begin its exploration program on the Firebag
East Property in late February 2005, which will include drilling 20 wells.
Investors watch this one! According to the press release, Thornton Donaldson P.
Eng, President, Chairman and Director of CanWest Petroleum, stated, "CanWest's
Firebag East Oil Sands Project is adjacent to and east of four world-class oil
sands projects with 14 billion barrel reserves and planned production of 500,000
of barrels oil per day."
Donaldson continued, "Our Company has strategically positioned itself as the
controlling shareholder of a private Calgary based operating company that now
holds the largest land position in the Athabasca Region. The operating company
is preparing for an aggressive exploration program in February with the
potential to discover a world-class oil resource of several billion barrels,
which is in keeping with the Firebag area. This is truly a major achievement for
an emerging-growth, junior company such as ours."
For more in-depth coverage of Can West Petroleum, visit
216.63.242.254
Prior to yesterday's press release, the stock closed at Thirty cents a share.
In case you are unfamiliar with the company: CanWest Petroleum Corporation
(formally Uranium Power Corporation) has exploration offices in Calgary, Alberta
and is exploring world-class petroleum properties in Canada. The Company holds
more than 2.25 million acres of land under permit for exploration and comes to
market with a potential resource of ten billion barrels of oil. For more
information visit canwestpetroleum.com.
The Athabasca Oil Sands currently account for 50% of Canadian oil production and
is expected to account for 70% by 2010. Canada currently supplies over 15% of
all US oil imports, which will likely increase given the expected increase in
oil sands production, the proximity to the United States and the security of
supply.
Stocks showing interesting activity yesterday at the close of the regular
trading day were: JDS Uniphase Corporation (NASDAQ: JDSU) down 2.4% on 89.4
million shares traded, Sun Microsystems, Inc. (NASDAQ: SUNW) down 0.6% on 44.2
million shares traded and SBC Communications Inc. (NYSE: SBC) up 1.9% on 22
million shares traded.
Commentary:
"The Institute for Supply Management said that its index measuring manufacturing
activity was down slightly in January, to 56.4 from 57.3 percent the previous
month. According to the index, anything over 50 means the economy is expanding,"
stated Sonja Rudd in Wall Street News Alert's daily commentary continued at:
wallstreetnewsalert.com.
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SUBJECT CODE: Financial Services:Investment Opinion
Business/Finance: General:Investment Opinion
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