Ameriwest Energy Announces Spud Date of Ameriwest Fee #1 Well
January 22 2009 - 9:00AM
Marketwired
Ameriwest Energy Corp. (OTCBB: AWEC) ("Ameriwest" or the "Company")
is pleased to announce plans to commence drilling operations at its
Geary Prospect location. The Company intends to spud the Ameriwest
Fee #1 well on or near to March 16th, 2009, subject to certain
conditions.
The proposed well is located in proximity 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. The location
is on fee (private lands) within the Area of Mutual Interest
("AMI") and as such, has significantly simplified the permitting
process.
The Geary Prospect is located in the south-western portion of
the highly productive Powder River Basin. 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 comments, "We are extremely
excited about drilling the Ameriwest Fee #1 well in such close
proximity to known production. Upon a successful discovery,
Ameriwest will immediately implement its proposed development plan
which could include up to 17 additional wells."
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. Visit our website at www.ameriwestenergy.com.
Notice Regarding 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 and 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. Information concerning oil reserve
estimates may also be deemed to be forward looking statements, as
it constitutes a prediction of what might be found to be present
when and if a project is actually developed.
On Behalf of the Board
Ameriwest Energy Corp.
Walter R. Merschat, President
Investor Relations Contact Great Northwest Investor Relations,
Inc. 1-888-697-4712 Visit our website at
www.ameriwestenergy.com