WESTON, Fla., Feb. 3, 2005 (PRIMEZONE) -- Wall Street News Alert's "stocks to watch" this morning are: Can West Petroleum (OTCBB:CWPC), NVIDIA Corporation (NASDAQ:NVDA), Dynegy Inc. (NYSE:DYN) and Activision, Inc. (NASDAQ:ATVI).
Aggressive investors and traders may be excited about the latest news from Can West Petroleum (OTCBB:CWPC). Yesterday after the markets closed, the company (an oil and gas exploration and development company) issued a press release announcing further details of its Firebag East Oil Sands Project in Alberta, Canada.
This could be great news for investors! The Firebag East Property is the largest land holding in the Athabasca Oil Sands Region, spanning 1,400,000 acres in 60 townships (2,187 square miles). The Athabasca Oil Sands Region contains the largest hydrocarbon resource in the world estimated at 1.5 trillion barrels of oil with 310 billion barrels of recoverable oil using today's technology. The Company announced it expects to begin its exploration program on the Firebag East Property in late February 2005, which will include drilling 20 wells.
Investors watch this one! According to the press release, Thornton Donaldson P. Eng, President, Chairman and Director of CanWest Petroleum, stated, "CanWest's Firebag East Oil Sands Project is adjacent to and east of four world class oil sands projects with 14 billion barrel reserves and planned production of 500,000 barrels oil per day."
Donaldson continued, "Our Company has strategically positioned itself as the controlling shareholder of a private Calgary based operating company that now holds the largest land position in the Athabasca Region. The operating company is preparing for an aggressive exploration program in February with the potential to discover a world-class oil resource of several billion barrels, which is in keeping with the Firebag area. This is truly a major achievement for an emerging-growth, junior company such as ours."
For more in-depth coverage of Can West Petroleum, visit http://216.63.242.254/CWPC0203.htm
Prior to yesterday's press release, the stock closed at Thirty cents a share.
In case you are unfamiliar with the company: CanWest Petroleum Corporation (formally Uranium Power Corporation) has exploration offices in Calgary, Alberta and is exploring world-class petroleum properties in Canada. The Company holds more than 2.25 million acres of land under permit for exploration and comes to market with a potential resource of ten billion barrels of oil. For more information visit http://www.canwestpetroleum.com.
The Athabasca Oil Sands currently account for 50% of Canadian oil production and is expected to account for 70% by 2010. Canada currently supplies over 15% of all U.S. oil imports, which will likely increase given the expected increase in oil sands production, the proximity to the United States and the security of supply.
Stocks showing interesting activity yesterday at the close of the regular trading day were: NVIDIA Corporation (NASDAQ:NVDA) up 5.5% on 16.9 million shares traded, Dynegy Inc. (NYSE:DYN) up 2.5% on 4.4 million shares traded and Activision, Inc. (NASDAQ:ATVI) up 4.9% on 3.2 million shares traded.
Commentary:
"January saw manufacturing activity grow for the 20th consecutive month, according to the Commerce Department; construction spending up 1.1 percent in December," stated Sonja Rudd in Wall Street News Alert's daily commentary continued at: http://www.WallStreetNewsAlert.com.
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