The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Globe Investor

News Sources

Take control of your investments with the latest investing news and analysis

Press release from Marketwire

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

Wednesday, October 12, 2011

NWest Energy Licence Consolidation Application - 1097, 1098, 1103, 110409:16 EDT Wednesday, October 12, 2011ST. JOHN'S, NEWFOUNDLAND--(Marketwire - Oct. 12, 2011) - 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 ( 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 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.FOR FURTHER INFORMATION PLEASE CONTACT: Robert WebbNWest Energy Corp.President & CEO(709) 722-3757info@nwestenergy.comwww.nwestenergy.comNeither TSX Venture nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture) accepts responsibility for the adequacy or accuracy of this release.