WESTON, Fla., March 17, 2005 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: CanWest Petroleum (OTCBB:CWPC), General Motors Corporation (NYSE:GM), Halliburton Company (NYSE:HAL) and Charter Communications (Nasdaq:CHTR).
Aggressive investors and traders may be excited about the latest news from CanWest Petroleum (OTCBB: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 Company announced it expects to begin its exploration program on the Firebag East Property in late April 2005, which will include drilling 20 wells during 2005.
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 barrels oil per day. Having recently become the controlling shareholder of Oil Sands Quest, Inc., we have secured the funds to initiate the aggressive drilling project, once the Saskatchewan government approves the work program. CanWest is preparing to begin the drilling program in April on the largest land position in the Athabasca Region."
Donaldson continued, "In addition to the drill program at Firebag East Oil Sands, the Company recently updated shareholders on its traditional oil and gas drilling projects. At the Sylvan Lake Oil Development Project, drilling of the 7,200 foot well is planned to spud before the end of March, where the Company has a 25% working interest in the project. Sylvan Lake has the potential for four oil and two gas wells where each well has the potential to produce approximately 300 barrels oil per day from the Pekisko oil formation with potential reserves of 500,000 barrels of oil for each well. The drilling pad and surface casing was set to 300 feet at the Barhead Natural Gas Development Project, and the drilling rig will soon be contracted to spud the initial well to test the Belly River and Edmonton gas formations to a depth of 3,200 feet."
For more in-depth coverage of Can West Petroleum, visit http://www.backissuesofnewsalerts.us/CWPC0316.html
Prior to yesterday's press release, the stock closed at forty-five cents a share.
In case you are unfamiliar with the company: CanWest Petroleum 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 http://www.canwestpetroleum.com.
The McMurray and Wabiskaw paleochannels within the Firebag East Property contain oil, which is confirmed by previous drill hole cores and logs that show a potential pay thickness of 150 feet in the Wabiskaw formation and 58 feet in the McMurray formation with several drill hole intersections grading better than 7% oil by weight. The best oil sands grade encountered was in the McMurray formation over a 20-foot interval, which graded 9.1% oil by weight. Cut off grades for Athabasca Oil Sands production is 7% oil by weight, which suggests the Firebag East Project has world-class development potential for several billion barrels of oil.
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 U.S. 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: General Motors Corporation (NYSE:GM) down 13.9% on 63.7 million shares traded, Halliburton Company (NYSE:HAL) up 0.8% on 6.1 million shares traded and Charter Communications (Nasdaq:CHTR) down 5.1% on 15.4 million shares traded.
Commentary:
"Crude oil rallied above $56 per barrel even as the Energy Department and the American Petroleum Institute mentioned large U.S. inventories. OPEC will add another 500,000 barrels per day into the inventories, but nothing could calm the escalating price," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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