ALBERTA – Calgary-based CANWEST PETROLEUM has raised the $15.0 million (and more) needed for Phase Two drilling of the Firebag East oil sands property north of Fort McMurray. The project is managed by OILSANDS QUEST, a subsidiary of CanWest. An additional 125 core holes will be drilled this winter.
CanWest’s equity financing was oversubscribed, raising a total of $25.9 million in new money. CanWest plans to use the money to purchase additional shares of Oilsands Quest, bringing its interest to 71.2%. Visit www.CanWestPetroleum.com.