OIlsands Quest Inc. (BQI)

[NYBob]

CanWest Petroleum and Oilsands Quest Announce Management's
Estimate of Bitumen Resources from Initial Drilling Program -
Thursday July 6, 4:35 pm ET
CALGARY, ALBERTA--(MARKET WIRE)--Jul 6, 2006 --

CanWest Petroleum Corporation -
(OTC BB:CWPC.OB - News) and
Oilsands Quest Inc. -
announce management's preliminary estimate of the original
bitumen resources in place (OBIP) in an area covered by Oilsands
Quest's Phase I drilling program in northwest Saskatchewan.

The program consisted of drilling on two blocks on Oilsands
Quest's 100-percent-owned Permit PS00210, located in
Township 95, Ranges 24 and 25 West of the Third Meridian.

It is approximately 50 kilometres (30 miles) east of
Suncor's Firebag operations.

Oilsands Quest's exploration permits were granted under
Saskatchewan's Oil Shale Regulations, 1964, and will
expire in 2009 unless converted to leases or further
extensions are granted.

The preliminary OBIP estimate is 250 million barrels
and is based on the west block, a four-section area of
Permit PS00210 surrounding 13 drill holes.

The east block will require further drilling before
management can provide an estimate.

In making the announcement, Christopher H. Hopkins,
President & Chief Executive Officer of Oilsands Quest,
said, "We continue to be delighted with the results of our
initial drilling program."

He also noted that assumptions about the commercial
viability of resource potential or whether currently
commercial recovery processes will be effective cannot
be made at this stage without further drilling.

The area covered in the OBIP estimate represents
less than one-half of one percent of Oilsands Quest's
total permit lands.

The OBIP estimate was based on the evaluation of cores
and well log data from holes drilled in the Phase I
drilling program.

OBIP is the gross volume of bitumen estimated, at a
particular time, to be initially contained in a reservoir
before any volume has been produced and without regard
for the extent to which volumes will be recovered.

In interim drilling results released on June 14, 2006,
CanWest Petroleum and Oilsands Quest also noted that
eight wells drilled in the best three-section block
had an average pay zone of 19 metres (62 feet),
with one hole having more than 28 metres (91 feet)
of pay.

Grades of bitumen saturation by weight for those eight
wells were up to 18 percent.

Of the 24 wells drilled in the program, 19 intersected
the bitumen-bearing McMurray formation, which represents
an 80 percent success rate.

Oilsands Quest is now focusing on plans for its winter
2006 drilling program, currently budgeted for
$35 million Cdn, which will cover a much larger area
in order to begin to quantify and qualify the nature
of the bitumen resources.

The company has received approval for a 150-well winter
2006 program and will apply for regulatory approval
for an additional 100 holes.

It has eight core drilling rigs committed to the winter
2006 program.

In addition, Oilsands Quest has applied for a summer
2006 exploration program consisting of drilling with
one rig, geophysical evaluation and construction of
additional infrastructure in preparation for the 2006
winter program.

In this area of Saskatchewan, the winter drilling season,
which is dependent on weather conditions, is typically
from November to April.

CanWest Petroleum Corporation owns a 60.7 percent
interest, on a fully diluted basis, in Oilsands Quest Inc.

On June 12, 2006, CanWest Petroleum and Oilsands Quest
announced that the companies entered into an agreement
that provides for the combination of the two companies;

this transaction is expected to be completed on
August 14, 2006.

Forward-Looking Information....
-- Cautionary Note ---
Safe Harbor statement under the Private Securities Litigation
Reform Act of 1995: ---- discussed in CanWest Petroleum
Corporation's various filings with the Securities and Exchange
Commission.

Cusip# 138 748 108


Contact:

Contacts:
CanWest Petroleum Corporation
Jonathan Buick
1-877-748-0914 or [phone]
[e-mail]


Source: CanWest Petroleum Corporation

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