will this be a delay like
Press Release Source: Ameriwest Energy Corp.
Ameriwest Energy Announces Proposed Spud Date for First Well at Geary Prospect
Friday September 12, 4:01 pm ET
CASPER, WY--(MARKET WIRE)--Sep 12, 2008 -- Ameriwest Energy Corp. (OTC BB:AWEC.OB - News) ("Ameriwest" or the "Company")
is pleased to announce plans to spud the Ameriwest Fee #1 well on or near to November 5th, 2008, subject to certain conditions
The Company has a service agreement in place with a local drilling company and based on a preliminary rig availability assessment Ameriwest plans to approve an Authority for Expenditure ("AFE") agreement shortly. Ameriwest will be the operator of the project and anticipates a 10 day to 2 week period to drill to the target depth of approximately 7000 feet. If a discovery is made, the Company will make a determination to elect for completion as quickly as possible thereafter.
The proposed well is located in proximity to 2 wells located in the Geary Dome field with cumulative production to-date of 323,617 BO and 29,515 MCF gas. It is also located nearby to the Weststar Keenan Fee 14-34 well with cumulative production of 156,860 BO and also within 1/2 mile of the Weststar Keenan Fee 16-27 well with cumulative production figures of 166,757 BO to-date. The location is on fee (private lands) within the Area of Mutual Interest ("AMI") and as such, simplifies the permitting process.
As previously announced, an agreement was reached in August, 2008 with Tyler Rockies Exploration, Ltd. ("TREX") whereby Ameriwest can earn a 50% ownership of the approximately 3,040 gross acres within the Geary Prospect AMI located in Natrona and Converse Counties, Wyoming. Under the terms of the agreement, Ameriwest will operate and receive a 75% Net Revenue Interest ("NRI") until payout based on a 3 well program.
The Geary Prospect is located in the southwestern portion of the Powder River Basin. The main objective is structurally well documented and on trend with existing production within the Cretaceous Dakota sandstone 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, "We are extremely fortunate to have an agreement allowing us to drill in such close proximity to known production. I have personally been studying this region for the past 20 years with great interest and look forward to finally making our mark on this prospect. It's a known fact that millions of barrels of Dakota oil have been produced from many nearby fields and our analysis give us a high level of confidence as we move ahead with this program."
About Ameriwest Energy Corp. (OTC BB:AWEC.OB - News)
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 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
Contact:
Investor Relations Contact
Great Northwest Investor Relations, Inc.
1-888-697-4712
Visit our website at
http://www.ameriwestenergy.comthe pps on 09/14/08 was about .45 to most recently 02/04/09 about .15 at least im in with an upward trend huh
guess im going to have to set a STOP LOSS on this one today
