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NWest Energy launches Western Newfoundland's first offshore 3D seismic program
ST. JOHN'S, April 15 /CNW/ - NWest Energy Inc. (TSX-V: NWN) is pleased to announce it has signed ...
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[{"type":"text","content":"\n\n\n\nST. JOHN'S, April 15 /CNW/ - NWest Energy Inc. (TSX-V: NWN) is pleased to\nannounce it has signed a contract with Calgary-based Geophysical Service Inc.\nfor the acquisition of 3D seismic data over approximately 900 square\nkilometers off Western Newfoundland. The data is to be collected over a six to\neight week period in the third quarter, 2008, pending final approval of the\nEnvironmental Assessment by the Canada-Newfoundland Labrador Offshore\nPetroleum Board (CNLOPB).\n\n\nThe NWest program marks the first time 3D seismic data will be acquired\nand analyzed in the emerging Western Newfoundland offshore oil play. NWest has\nidentified 11 highgraded targets with a total potential of 3.8 billion barrels\nwithin its exploration licence area. The 3D seismic program will cover several\nstacked targets, ranging from 300 million to 500 million barrel oil potential.\nTargets have been identified through detailed analysis of existing 2D seismic\ndata and other geological data. Following a successful 3D seismic program,\nNWest plans to drill its first well in 2009.\n\n\nAbout NWest Energy Inc.\n\n\nNWest Energy is an innovative Canadian junior oil and gas company\nexploring high-margin frontier basins and developing legacy assets for\nlong-term, sustainable value creation. To date, NWest has acquired four\nproperties located off the west coast of Newfoundland and Labrador. All\nproperties have defined seismic targets along with considerable exploration\npotential to host large oil and gas reservoirs. Through exploration licenses\nwith the CNLOPB, NWest holds approximately 1.6 million acres of highly\nprospective property in a geologically favorable environment for exploration.\n\n\nAbout Geophysical Service Inc.\n\n\nGeophysical Service Inc. (GSI) is a fully integrated geophysical service\ncompany providing exclusive and non-exclusive 2D and 3D marine seismic,\ngravity, and magnetic data offshore Canada and around the world. GSI also\nprovides state of the art seismic data processing, depth imaging and reservoir\nservices. Founded in 1930, the Company's head office is located in Calgary,\nwith additional offices in Houston and in Windsor, NS.\n\n\nForward Looking Statements\n\n\nThis release includes certain statements that may be deemed\nforward-looking statements. All statements that address future production,\nreserve poten...