*

Hitt og þetta 18. ágúst 2006

CanWest Petroleum Corporation Receives Approval for Listing of Shares on the American Stoc

CALGARY, ALBERTA -- (MARKET WIRE) -- August 18, 2006 -- The American Stock Exchange ("Amex") has approved the application by CanWest Petroleum Corporation (the "Company") (OTCBB: CWPC) for the listing of the Company's common stock on Amex under the trading symbol "BQI".

T. Murray Wilson, Executive Chairman of the Board of Directors of CanWest Petroleum Corporation, said, "We are very excited about our listing on the American Stock Exchange. We hope to benefit from the array of support the Exchange provides to its listed companies, and to enhance shareholder value as a result of the listing."

CanWest Petroleum has selected AGS Specialist Partners as its specialist. The Amex listing approval is contingent upon the Company being in compliance with all applicable listing standards on the date it begins trading on Amex, and may be rescinded if the Company is not in compliance with such standards. The Company expects to begin trading on Amex on Thursday, August 24, 2006.

About CanWest Petroleum

CanWest Petroleum, a public company incorporated in the State of Colorado, is engaged in a variety of projects in the oil and gas industry in Western Canada with an emphasis on oil sands and oil shale. Its lead project is an oil sands exploration program being conducted in the Province of Saskatchewan by its subsidiary, Oilsands Quest Inc. To obtain more information on CanWest Petroleum, visit the Company's web site (www.canwestpetroleum.com).

About the American Stock Exchange

The American Stock Exchange is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 188 ETFs to date. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks.

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the companies' operations, markets, products and prices, and including other factors discussed in CanWest Petroleum Corporation's various filings with the Securities and Exchange Commission.

CUSIP# 138 748 108

Contacts: The Buick Group Institutional Investors Toll Free: 1-877-748-0914 Office: (416) 915-0915 jbuick@buickgroup.com

Hedlin Lauder Investor Relations Ltd. Retail Investors Toll Free: 1-800-299-7823 Office: (403) 232-6251 investorrelations@hedlinlauder.com