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NWN

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0.00 (0.00%)
Share Name Share Symbol Market Type
TSXV:NWN TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

NWest Energy Licence Consolidation Application - 1097, 1098, 1103, 1104

12/10/2011 2:16pm

Marketwired Canada


NWest Energy Corp. ("NWest" or the "Company") (TSX VENTURE:NWN) has applied to
the Canada-Newfoundland and Labrador Offshore Petroleum Board ("C-NLOPB") to
consolidate the company's four Exploration Licences 1097, 1098, 1103 and 1104
situated offshore western Newfoundland. 


The consolidation application will require final approval from both the C-NLOPB
and both provincial and federal Ministers.


The proposed Exploration Licence consolidation will allow for the option to
extend the Period 1 of the consolidated licence and for the Company to focus
specifically on the near shore development of the Green Point oil shale
unconventional resource across all four licences. The Green Point shale is the
proven oil source rock in the region. The recent AJM Petroleum Consultants
Report ("AJM Report") provided a Best Estimate (P50) Undiscovered Petroleum
Initially-in-Place Resource Best Estimate of 18.8 billion barrels. The Company
press release dated June 06, 2011 provided a summary of the AJM Report and the
AJM Report is available on the Company's webpage (www.nwestenergy.com).


As part of the exploration licence consolidation, NWest will be relinquishing
some offshore acreage to maintain the acreage underlain by the Green Point
shale. The consolidated near shore acreage will allow for the unconventional
potential to be tested by drilling from onshore locations. 


NWest is evaluating their joint venture options regarding further exploration
and determination of resource potential. The Green Point unconventional resource
exploration program is at an early stage; significant work is required to
determine the potential for commercially viable resource recovery.


Further information regarding the Company and its exploration licences is
available at www.nwestenergy.com.


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.


1 Year NWest Energy Corp. Chart

1 Year NWest Energy Corp. Chart

1 Month NWest Energy Corp. Chart

1 Month NWest Energy Corp. Chart