http://www.qualitystocks.net/ would like to highlight Ameriwest Energy Corp. (OTCBB: AWEC). The company is an 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.
In the company’s news today,
Ameriwest Energy Corp. announced the inking of final, requisite drill-site agreements towards the spud of the Ameriwest Fee #1 well. The company plans to drill to a targeted depth of approx. 7,000 feet over a 10-day to 2-week period. Once a discovery is made, Ameriwest intends to complete the well within seven days of the discovery.
Company President Walter Merschat stated, “As predicted, we have been able to move quickly to spud, and I’m looking forward to what we believe will be very positive results in the near future. As mentioned previously, I have been studying this region closely for the past 25 years and I have high expectations for the entire Geary Prospect. There are so many positive factors that have influenced our planning; from historical data, structural analysis and proximity of nearby production that we remain highly confident in the outcome for this field.”
This well is just part of Ameriwest’s analysis, which estimates possible reserves of approx. 3.0 MMBO at the Geary Prospect once a full field program consisting of 18 wells is completed. The Ameriwest Fee #1 well is the first well of the program and is located near 2 other wells that have a cumulative production of 323,617 BO and 29,515 MCF gas.
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Forward-Looking Statement:
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. Risks and uncertainties applicable to the company and its business could cause the company's actual results to differ materially from those indicated in any forward-looking statements.
