ST. JOHN'S, April 15 /CNW/ - NWest Energy Inc. (TSX-V: NWN) is pleased to announce it has signed a contract with Calgary-based Geophysical Service Inc. for the acquisition of 3D seismic data over approximately 900 square kilometers off Western Newfoundland. The data is to be collected over a six to eight week period in the third quarter, 2008, pending final approval of the Environmental Assessment by the Canada-Newfoundland Labrador Offshore Petroleum Board (CNLOPB).
The NWest program marks the first time 3D seismic data will be acquired and analyzed in the emerging Western Newfoundland offshore oil play. NWest has identified 11 highgraded targets with a total potential of 3.8 billion barrels within its exploration licence area. The 3D seismic program will cover several stacked targets, ranging from 300 million to 500 million barrel oil potential. Targets have been identified through detailed analysis of existing 2D seismic data and other geological data. Following a successful 3D seismic program, NWest plans to drill its first well in 2009.
About NWest Energy Inc.
NWest Energy is an innovative Canadian junior oil and gas company exploring high-margin frontier basins and developing 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 exploration licenses with the CNLOPB, NWest holds approximately 1.6 million acres of highly prospective property in a geologically favorable environment for exploration.
About Geophysical Service Inc.
Geophysical Service Inc. (GSI) is a fully integrated geophysical service company providing exclusive and non-exclusive 2D and 3D marine seismic, gravity, and magnetic data offshore Canada and around the world. GSI also provides state of the art seismic data processing, depth imaging and reservoir services. Founded in 1930, the Company's head office is located in Calgary, with additional offices in Houston and in Windsor, NS.
Forward Looking Statements
This release includes certain statements that may be deemed forward-looking statements. All statements that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's filings that are available at www.sedar.com.
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