NWest
Energy Seismic Acquisition Operational Update
01/08/2009
St. John�s, NL:� NWest Energy Inc.
("NWest� or �the Company" TSX-V: NWN) has
been advised by Geophysical Service Inc. (�GSI�), the seismic operator, that
the Exploration 3D (�E3D�) seismic acquisition program offshore Western
Newfoundland has been completed for 2008.��
Processing of this data is now underway towards target delineation of NWest's high-graded prospects currently mapped on
previously acquired seismic data.��
Processing and interpretation of the survey is likely to take several
months.
The current program, though
reduced in size from initial plans, covers a survey area totalling
approximately 500 sq km, representing 100% of the Southern area and 40% of the
Central area.�� The operations were
concluded in late December as continued adverse weather and sea-state conditions
made safe operations and further seismic acquisition impractical.�� However, several key geophysical targets
were surveyed and this new data will assist in defining specific drill targets.��
NWest President and
Chief Executive Officer Francois Gauthier said: �We are very pleased to have
acquired high quality data across our primary target area.� We are excited to be moving into the next
phase of the project which is to integrate the results of both the new E3D
seismic data and existing 2D seismic data in order to identify drill-ready
prospects.�
The Company will
incorporate this new data into its existing interpretation and continue to
solicit joint venture partners to drill this underexplored frontier basin.�� In 2007 Sproule
Associates Limited of Calgary,
Alberta prepared an NI-51-101
compliant petroleum resource assessment of NWest�s
offshore exploration licences and concluded that �the 11 most significant
geophysical anomalies herein considered as forming the initial exploratory
drilling phase of NWest�s ongoing program may have an
undiscovered in place-resource in the order of 3.8 billion barrels�.�� The recently completed seismic program was
designed to further delineate some of these geophysical targets.�� The offshore licenses have never been
drilled but the resource estimate does underscore the world class potential of
the company�s licences.�� Further
information regarding the company and its exploration licences is available at www.nwestenergy.com .
About NWest
Energy
NWest Energy is an
innovative Canadian junior oil and gas company developing high-margin frontier
basins and legacy assets for long-term, sustainable value creation. To date, NWest has acquired four properties, located off the west
coast of Newfoundland and Labrador.
All properties have defined seismic targets along with considerable exploration
potential to host large oil and gas reservoirs.�� Through its exploration licenses, NWest holds approximately 1.6 million acres of highly
prospective property in a geologically favourable environment for exploration.
Contact:�� info@nwestenergy.com
Fran�ois
Gauthier,
President
& Chief Executive Officer
709.722.3757
|
Robert
Webb,
VP
Business Development & Operations
709.722.3959
|
The
TSX Venture Exchange has not reviewed and does not accept responsibility for
the adequacy or accuracy of this release.��
The statements made in this News Release may contain certain
forward-looking statements.�� Actual events or results may differ from the Company�s
expectations. Certain risk factors may also affect the actual results
achieved by the Company.
There can be no assurance that forward-looking
information will prove to be accurate. Should one or more of these risks and
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from any conclusions, forecasts or
projections described in the forward-looking information. Accordingly, readers
are advised not to place undue reliance on forward-looking information. Except
as required under applicable securities legislation, the Company undertakes no
obligation to publicly update or revise forward-looking information, whether as
a result of new information, future events or otherwise.