Ameriwest Energy Updates Status Regarding Geary Prospect
10 February 2009 - 1:00AM
Marketwired
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
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Investor Relations Contact Great Northwest Investor Relations,
Inc. 1-888-697-4712 Visit our website at
www.ameriwestenergy.com