NWest Energy has been advised by Geophysical Service Inc. that an exploration 3D seismic program has been successfully completed over the first target area in the southern zone of the company’s Western Newfoundland offshore exploration acreage. Additional exploration 3D data over a second target area is currently being acquired. The data will be interpreted and analyzed over the next six months with a view to identifying exploration drilling targets.
NWest also announces that due to adverse market conditions, the Company has postponed the previously announced private placement of flow-through shares and consequently postponed the proposed expansion of the 3D exploration program. The Company will continue to acquire and interpret exploration 3D data over four of the property’s top 11 prospects, as originally planned, and continue to solicit joint venture partners for its western Newfoundland project as well as evaluate other opportunities through 2009.
NWest President and Chief Executive Officer Francois Gauthier said, "We are very pleased to have acquired high quality data across our primary target in a cost-effective, timely manner. Although current market conditions do not warrant a private placement at this time, our strong balance sheet allows us to continue to pursue a major partnership as we gather more data and evaluate these exciting targets off the coast of Western Newfoundland."
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