American Stock Exchange News Release

Equity Release
Media Contact: Catherine Chantharaj
American Stock Exchange
212-306-1689/catherine.chantharaj@amex.com

AMERICAN STOCK EXCHANGE LISTS COMMON STOCK OF CANWEST PETROLEUM CORPORATION

New York, August 24, 2006 -  The American Stock Exchange (Amex) today listed the common shares of CanWest Petroleum Corporation, under the trading symbol BQI.

CanWest Petroleum Corporation 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.

"We are pleased to welcome CanWest Petroleum Corp. to the American Stock Exchange," said John McGonegal, Senior Vice President of the Amex Equities Group. "Many energy companies have chosen the Amex as their home, and we are confident we can offer CanWest Petroleum the value-added services that a growing company needs to succeed in today's competitive market."

"We anticipate that our listing on the American Stock Exchange will provide our shareholders with a more efficient trading market, and thus provide us with enhanced shareholder value," said T. Murray Wilson, the Company's Executive Chairman.

CanWest Petroleum Corporation has selected AGS Specialist Partners as its specialist. For further information on BQI and other Amex-listed companies, please visit www.amex.com.

About American Stock Exchange

The American Stock Exchange® (Amex®) 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 190 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.