Ameriwest to Perform Independent Assessment of Geary Prospect
Ameriwest Energy Corp.
Wednesday, February 04, 2009
Ameriwest Energy Corp. has contracted the services of licensed professional Geologist Connie Hawkins to provide an independent assessment of the target data towards further ensuring a successful outcome at the Ameriwest Fee #1 well to be drilled at the Company's Geary Prospect location in Natrona and Converse Counties, Wyoming, on or near March 16, 2009.
As previously noted the proposed well is on private lands and offset 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.
Materials to be used for the basis of the analysis include isopach and structure maps of the Dakota sands formation as well as private reference data and the construction of several cross-sections and similar maps using Petra software by the Geologist. 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 a few. These fields all produce from Cretaceous age reservoirs, among which the lower Cretaceous Dakota Formation is an important contributor. These fields all result from a favorable combination of stratigraphy and structural components and were originally drilled based primarily on their obvious structural component.
As data quality and understanding of stratigraphic concepts has improved, new oil that is trapped mainly by stratigraphy is still being found, not only in geographic association with these structures, but also in locations not directly associated with structure. The main objective is structurally well documented and 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 states, "We look forward to the results of the independent analyses within 1-2 weeks. This will give us ample to time to determine if we feel any final adjustments to our plans are indicated. Currently, all other aspects of the project including permitting and final approvals are moving ahead as planned, as are our plans for the continued development of the prospect with another 17 wells on the horizon, should the Ameriwest Fee #1 well prove successful."