posted
Ameriwest Energy Updates Status Regarding Geary Prospect Feb 9, 2009 9:00:00 AM
Email Story Discuss on ZenoBank
View Additional ProfilesCASPER, WY -- (MARKET WIRE) -- 02/09/09 -- Ameriwest Energy Corp. (OTCBB: AWEC) ("Ameriwest" or the "Company") wishes to update the status as regards plans for the upcoming spud of the Ameriwest Fee #1 well to be drilled at the Company's Geary Prospect located in the Powder River Basin of Wyoming.
Ameriwest has submitted a $20,000 Certificate of Deposit as required by the Wyoming Oil and Gas Conservation Commission and has further submitted all required paperwork in order to receive the requisite Permit to Drill at the Ameriwest Fee #1 well location. The company expects to receive final approval and issuance of the permit within the next 7 days. Following the issuance of the Permit, Ameriwest intends on commencing site preparations as early as the third week in February in order to spud the Ameriwest Fee #1 well as previously announced on or near to March 16, 2009.
As noted in an earlier announcement, the proposed well is "on fee" (located on private lands) which has significantly expedited the permitting process. The Geary Prospect is located in a prolific portion of the Powder River basin that has historically produced many millions of barrels of oil from such well known nearby fields as Brooks Ranch, Big Muddy, South Glenrock, and South Cole Creek to name but a few. The target location is offset to 2 wells located in a well documented part of the Geary Dome field with considerable cumulative production to-date.
The main objective is structurally on trend with existing production within the Cretaceous Dakota sandstone formation with the possibility of production from other Cretaceous sands including the Upper and Lower Muddy, and Wall Creek (Frontier) sands. Initial estimates based on a full field program with 40 acre spacing across an estimated 18 wells indicate possible reserves of approximately 3 MMBO.
Company President Walter Merschat comments, "With this announcement, we are confidently on track towards getting our equipment into the field in short order. Site prep is the next step and with the delivery of the updated data we aim to receive from our independent geologic analysis due within a week, we look forward to getting out there and finalizing matters. Every week is getting us that much closer to watching the drill turn."
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 and 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
Add to Digg Bookmark with del.icio.us Add to Newsvine
Investor Relations Contact Great Northwest Investor Relations, Inc. 1-888-697-4712 Visit our website at www.ameriwestenergy.comPosts: 598 | Registered: Mar 2005
| IP: Logged |
UBBFriend: Email this page to someone!
Printer-friendly view of this topic
