OIlsands Quest Inc. (BQI)

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CanWest Petroleum and Oilsands Quest are Pleased to Announce the Approval of an Additional 150-Core Hole Drilling Program at the Firebag East Project

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CALGARY, ALBERTA, Mar 16, 2006 (CCNMatthews via COMTEX) -- CanWest Petroleum Corporation (CWPC : canwest pete corp com
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9:55am 03/16/2006
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CWPC4.81, -0.02, -0.4%) and Oilsands Quest Inc. -
Regulatory approval has been received to proceed with a 150 core hole drilling program known as Phase II on the Firebag East oil sands exploration permits in northwest Saskatchewan. The program will include the drilling, coring and geophysical logging of up to 150 resource delineation holes. Drilling will commence immediately and dovetail with the Phase I drilling program that is nearing completion.
The Companies are pleased to report that 20 of the 25 core holes of the Phase I program have been completed and the Companies are very encouraged by results to date. Summary details of an initial evaluation will be released after completion of the Phase I program.
Part of the Phase II program has commenced with the construction of approximately 80 kilometres (48 miles) of new access roads to link the 150 proposed drill sites. Many of the proposed drill sites for the Phase II program are accessible during the summer months for drilling. Drilling on the sites during the summer months will be subject to further work permits from the Saskatchewan Government.
In support of an expanded drill program for next winter which may employ four or five core drilling rigs, a camp facility for approximately 100 workers will be required. Oilsands Quest Inc. has committed $4 million (Canadian Funds) to the purchase of the camp facility for delivery in the fall of 2006.
CanWest Petroleum Corporation owns a 63.1% interest, on a fully diluted basis, in Oilsands Quest Inc. a private Alberta operating company that owns 100% of extensive acreage in the Canadian Athabasca Oil Sands Region covering some 846,000 acres known as the Firebag East Project.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors effecting the Company's operations, markets, products and prices and other factors discussed in the Company's various filings with the Securities and Exchange Commission.
Cusip# 138748 10
SOURCE: CanWest Petroleum Corporation