CanWest Wins Nod from AMEX

CanWest Petroleum Corp.

The American Stock Exchange ("Amex") has approved the application by CanWest Petroleum Corporation (the "Company") for the listing of the Company's common stock on Amex under the trading symbol "BQI".

T. Murray Wilson, Executive Chairman of the Board of Directors of CanWest Petroleum Corporation, said, "We are very excited about our listing on the American Stock Exchange. We hope to benefit from the array of support the Exchange provides to its listed companies, and to enhance shareholder value as a result of the listing."

CanWest Petroleum has selected AGS Specialist Partners as its specialist. The Amex listing approval is contingent upon the Company being in compliance with all applicable listing standards on the date it begins trading on Amex, and may be rescinded if the Company is not in compliance with such standards. The Company expects to begin trading on Amex on Thursday, August 24, 2006.

CanWest Petroleum, a public company incorporated in the State of Colorado, is engaged in a variety of projects in the oil and gas industry in Western Canada with an emphasis on oil sands and oil shale. Its lead project is an oil sands exploration program being conducted in the Province of Saskatchewan by its subsidiary, Oilsands Quest Inc.