Ameriwest Energy Signs Letter of Intent Regarding Acquisition of the Skull Valley Prospect, Utah Ameriwest Energy Corp. (OTCBB: AWEC) (“Ameriwest” or the “Company”) is pleased to announce that it has signed a Letter of Intent (“LOI”) with Geochem Exploration, LLC (“Geochem’) to acquire a 100% working Interest along with a 80% net revenue interest in the Skull Valley Prospect located in Toole County, Utah. The Company intends to drill an exploration well on the on the Skull Valley Prospect in early 2008.
Details regarding the LOI have been submitted to the Securities and Exchange Commission (“SEC”) as part of the Company’s Form 8-K filing dated November 19th, 2007.
In unrelated news, the company is pleased to announce that it has launched its website at http://www.ameriwestenergy.com.
About Ameriwest Energy Corp. (OTCBB: AWEC)
Ameriwest Energy Corp. is a growing, expertly managed energy company focused on producing underdeveloped oil resources in the prolific Rocky Mountain region of the United States. The company is striking a strategic balance between low-risk tertiary recovery projects and extensively mapped exploration plays with significant upside potential.
Forward-Looking Statements
Except for statements of historical fact, this news release contains certain ”forward-looking statements” as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding development and exploration activities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Ameriwest to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Ameriwest Energy Corp., or any affiliates, has little or no control.
Risks, uncertainties and other factors are discussed in documents filed from time to time by Ameriwest with the Securities Exchange Commission. There is no assurance that Ameriwest’s expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.
On Behalf of the Board Ameriwest Energy Corp Christopher D. Wright, President & CEO
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Investor Relations Contact Great Northwest Investor Relations, Inc. 1-888-697-4712 www.ameriwestenergy.com
Source: Marketwire (November 23, 2007 - 8:00 AM EST)
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Ameriwest Energy Announces Results of Wyoming Reservoir Study Ameriwest Energy Corp. (OTCBB: AWEC) ("Ameriwest" or the "Company") is pleased to announce the results of a reservoir study of the South Glenrock C Unit (SGCU), located in Converse County, Wyoming. The study completed by NITEC LLC, reports on the estimated remaining oil-in-place (OIP) and the estimated recoverable oil in the Lower Muddy formation under a CO2 injection program. According to the study's base case the estimated remaining OIP in the C Unit is 17.67 million barrels of oil (MMSTB) of which 4.9 MMSTB may be recovered from a continuous CO2 injection program over 25 years according to detailed simulation predictions.
The SGCU is located in the extreme south-southwestern portion of the Powder River Basin on the Big Muddy Anticline about 15 miles east of Casper, Wyoming. The SGCU is one of three units within the South Glenrock field which was discovered in 1950. The Muddy formation is found at drilling depths of 5,000 to 6,000 feet and is about 200 feet thick with the productive Lower Muddy formation ranging up to 33 feet in thickness. The Lower Muddy is a naturally fractured fluvial sandstone deposit which has produced 7.7 MMSTB of which 5.3 MMSTB was produced under primary conditions and 2.4 MMSTB from secondary water-flood activities.
NITEC's predicted future production from a continuous CO2 program assumes a development program for the SGCU based on several factors, including the implementation of an inverted nine-spot, 160 acre pattern with a central injector, an initial well count of 18 injectors and 43 producers, requiring the drilling of 3 new injectors and 3 new producing wells. Under this scenario peak oil production may reach 2,800 barrels of oil per day (STB/D).
About Ameriwest Energy Corp. (OTCBB: AWEC)
Ameriwest Energy Corp. (www.ameriwestenergy.com) targets underdeveloped stores of oil stranded in Wyoming and Utah's prolific reservoirs, leveraging leading edge recovery methods and local geological expertise to meet the rising demand for oil. Ameriwest Energy has entered into a Letter of Intent in order to secure a 99.5% working interest (78% net royalty interest) in the South Glenrock "C" field, a unit consisting of approximately 2,273 acres, near Casper, Wyoming, in the southern region of the Powder River Basin. This field is currently in production and the company is working to deploy a CO2 injection program to develop an estimated 4.9 million barrels of oil. The producing prospect is geologically analogous to nearby Salt Creek field, which is currently benefiting from a successful CO2 injection program by the Anadarko Petroleum Corporation.
About NITEC LLC
NITEC LLC (www.nitecllc.com), an international oil and gas consulting company specializing in E&P integrated field studies, is headquartered in Denver, Colorado.
Forward-Looking Statements
Except for statements of historical fact, this news release contains certain "forward-looking statements" as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, expectations, beliefs, plans and objectives regarding development and exploration activities. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of Ameriwest to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Ameriwest Energy Corp., or any affiliates, has little or no control. Risks, uncertainties and other factors are discussed in documents filed from time to time by Ameriwest with the Securities Exchange Commission. There is no assurance that Ameriwest's expectations will be realized, and actual results may differ materially from those expressed in the forward-looking statements.
On Behalf of the Board
Ameriwest Energy Corp.
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G. Leigh Lyons, President
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