Phase I of the Firebag East exploration program will consist of approximately 25 cored and logged resource delineation holes. Two existing core holes drilled in the 1970's with reported bitumen intersections in the McMurray Formation will be twinned as part of the Program, which is located within Township 95 north and Ranges 24 and 25 west of the 3rd Meridian in the central western portion of the Firebag East Lands.
On this basis, Phase I will take some 11 weeks to complete including a drilling break over Christmas with a Phase II Program of 125 core holes to then begin on receipt of Saskatchewan government approval. The Company will release progress reports from time to time during each program.
CanWest Petroleum Corporation has the right to own a 71.3% interest in Oilsands Quest, a private Alberta operating company that has 100% of extensive acreage in the Canadian Athabasca Oil Sands Region covering some 846,000 acres known as the Firebag East, which is highly prospective for several billion barrels bitumen. The Company also owns 100% of the 23,000 acre Eagle Nest Project with a known bitumen resource of 3.4 billion barrels in place. In addition, the Company owns 98% of the Pasquia Hills oil shale project with a fully risked resource of 2.4 billion barrels shale oil that grades 7.5% kerogen by weight of which 59% are aromatics including benzenes and naphtha's suitable for petro chemical feed stocks.
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