Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : Oil Sands and Related Stocks -- Ignore unavailable to you. Want to Upgrade?

To: Taikun who wrote (10681)	6/14/2006 10:57:23 AM
From: Metacomet	Read Replies (2) \| Respond to of 25575

You were the one that originally alerted me, while I was long CWPC, of the precarious land position they actually had. They were/are promoting this gigantic Sask holding that is dissolving at the rate of 40% per year without actual development. They appear to lack the resources and the drilling window to accomplish the resource delineation that would be required to retain their landhold position. Even then, their actual position in the Sask prospect is split 60-40 with OSQ and they have publicly announced that they need a JV partner to proceed. On the other hand they have retained a swarm of "advisors" who happen to publish newsletters, and trade on a junior US exchange in addition to re-releasing their daily "giant discovery" release. In my opinion they are at best a wet dream, as currently promoted, and should represent an actual market cap that should be a fraction of where CLL is. But the objective apparently is making money off of other investors and not off of actual intrinsic value. And CWPC is actually one of the better prospects among many of the plays that are brought here. This tends to frustrate some of us.

To: Taikun who wrote (10681)	6/14/2006 12:03:01 PM
From: Rocket Red	Read Replies (2) \| Respond to of 25575

CanWest Petroleum Corp (C-CWPC) - News Release CanWest receives Saskatchewan oil sands drill results 2006-06-14 11:08 ET - News Release Shares issued 99,564,394 Mr. Jonathan Buick reports CANWEST PETROLEUM AND OILSANDS QUEST ANNOUNCE INTERIM RESULTS FROM PHASE I OIL SANDS DRILLING PROGRAM IN SASKATCHEWAN CanWest Petroleum Corp. and Oilsands Quest Inc. are releasing interim results from the 24-hole, phase I drilling program conducted on Oilsands Quest's oil sands permits in northwest Saskatchewan during winter 2005/2006. The interim results are based on independent laboratory analysis of cores from 19 of the 24 holes that were drilled on the permit lands, which are 100-per-cent-owned by Oilsands Quest and encompasses 508,000 net acres. Later this month, Oilsands Quest plans to release its estimate of the bitumen resources in place in the phase I area. In addition, Norwest Corp., which has been engaged to independently evaluate phase I drilling results, is expected to complete its evaluation report by the end of August. The phase I interim results are based on 24 holes drilled and the analysis of cores from 19 holes that encountered the bitumen-bearing McMurray formation. In the best three-section block, the eight holes drilled had average pay thicknesses of 19 metres (62 feet) with one hole having a pay thickness of greater than 28 metres (91 feet). Grades of bitumen saturation by weight up to 18 per cent were encountered. Subject to regulatory approval, further delineation drilling around this area is planned for the summer in advance of the winter delineation program. Over the total area tested in the phase I program, the depth to the top of the McMurray formation averaged 185 metres (607 feet). The holes in this initial drilling program were drilled over 11 sections of land, which represent less than 2 per cent of the total area covered by Oilsands Quest's permits. Christopher Hopkins, president and chief executive officer of Oilsands Quest, said, "We continue to be very optimistic about the results of the phase I drilling program, and we anticipate the next two reports evaluating the phase I program will contain similarly encouraging results." However, Mr. Hopkins cautioned that, with the limited drilling to date and at this early stage, assumptions about the commercial viability of resource potential, or whether currently commercial recovery processes will be effective, cannot be made. "Commerciality of our bitumen resources cannot be assessed without further drilling," he said. "Our phase II program will cover a much larger area and will help us begin to both quantify and qualify the nature of bitumen resources on our permit lands." Oilsands Quest wishes to clearly establish that there are several stages in the process of evaluating the results of phase I drilling. To date, an independent core analysis laboratory evaluated the cores from 19 of the 24 holes drilled (this was the first stage of the evaluation process). On the basis of the core evaluation, the preliminary estimate of original bitumen in place (OBIP) will now be completed (second stage). Norwest's evaluation (third stage) will be the most comprehensive; however, it, too, will deal only with the 11 sections of land covered by phase I drilling. Oilsands Quest's current budget for the phase II program is $30-million. The company expects phase II drilling to continue into winter 2006/2007. The company is now gearing up for its summer exploration program which, subject to regulatory approval, will include geophysical evaluation programs as well as drilling. Phase II will consist of 150 holes, for which the company has already received regulatory approval, and the construction of 80 kilometres (of which 36 kilometres have already been completed) of new access roads to link the proposed drill sites. Up to an additional 100 holes may also be drilled in winter 2006/2007 subject to positive results from the phase I program and regulatory approval for these additional wells. Eight drilling rigs and the related infrastructure have been committed to the program. CanWest Petroleum owns a 59.5-per-cent interest, on a fully diluted basis, in Oilsands Quest. On June 12, 2006, CanWest Petroleum and Oilsands Quest entered into an agreement that provides for the combination of the two companies. This agreement is expected to be completed on Aug. 14, 2006. We seek Safe Harbor.