A Heavy Approach To Energy Security

Thursday, March 1, 2007

A Heavy Approach To Energy Independence (NAPSA)—There may be good news for the U.S. as the search continues for new sources of energy. Experts say there may be more domestic oil resources than many realize. These resources, they believe, could help this country address some of the geopolitical aspects of the current energy crisis. Heavyoil is a type of crudeoil. It’s distinguished by its higher viscosity and specific gravity, as well as what’s described as a heavier molecular composition. High oil prices are making it increasingly attractive. It’s estimated North America’s heavy oil and bitumen deposits contain more than 3 trillion barrels of resource. While the bulk of this resource is located in Canada, the U.S. does have approximately 150 billion barrels of heavy oil and bitumen resource located primarily in California, Utah, Alaska, Texas, Alabama, Kentucky and Missouri. According to George Stapleton, MegaWest Energy’s Houston-based CEO, this may be the right time to take a new look at nonconventional heavy oil and bitumen supplies to support the need for North American energy security. Said Stapleton, “Outside of heavy oil production in California, little of the heavy oil and bitumen resource in the U.S. has been produced to date. Pilots that were initiated in the late ’70s and early ’80s were shut down owing to high costs and low product prices. During that period, the collection of associated well data and geological information and production methods were not as sophisticated as today.” MegaWest principals have been active for the past two years collecting and evaluating well, field and geological infor- Sake l’'s estimated the u. S. has about 150 billion barrels of heavy oil and bitumen resource located in California, Utah, Alaska, Texas, Alabama, Kentucky and Missouri. mation for a numberof the areas containing heavy oil and bitumen resources. This evaluation process has allowed the company to center its activities on its current core areas of Texas, Ken- tucky, Missouri and Montana besides continuing to aggressively pursue the acquisition and exploitation of additional large and what are described as highly prospective North American heavyoil projects. The underpinning for the company’s strategy is the convergence of the necessity for North American security of energy supply, current world oil prices and significant commercial developments in thermal recovery technologies. It believes it’s a step ahead in rediscovering forgotten heavy oil and bitumen resources in the mid-continent—areas located near existing infrastructure with existing refineries located within a reasonable distance. Most of these refineries have or will be upgrading their facilities to handle heavier oil and bitumen. To learn more, visit www. megawestenergy.com. The company trades under the symbol: MGWSFon the NASDAQ Bulletin Boardstocklistings.

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