Research, Report & Profiling Services by IPOdesktop.com AMERIWEST ENERGY CORP (AWEC.OB) Stock symbol: AWEC.OB….…………....…..…………………………..Ave. Volume (3m) 265,000

Stock price 6/25/08: $.65…...…..…….……..….……….Common shares (4/14/08: 54.3mm est)

52-week price range: $.32 - $1.01……..……..…….………Equity market capitalization: $35mm

Recent News…..Stock Price…..Chart…..SEC Filings

OIL IN SHORT SUPPLY

Oil Rises Above $135 as OPEC Says It's Powerless to Stop Rally http://www.bloomberg.com/apps/news?pid=20601087&sid=aO9ia0oaiQJc&refer=home

With the price of oil surpassing $135 per barrel, Goldman Sachs (NYSE:GS - News) warns that oil could go as high as $200 at some point in the next two years, the oil trade continues to be an intriguing play. http://gaskinsco.com/awec-mw.htm

AWEC’S BUSINESS

AWEC is a junior oil development & exploration company focused on producing underdeveloped oil resources in the prolific Rocky Mountain region of the United States.

Controls substantial acreage in Utah and Wyoming, nearby to areas that have very large enhanced oil recovery [EOR] potential. Includes lease options at

. South Glenrock "C with a recovery potential of 4.9 MBO, . Burke Ranch field with a recovery potential of 2.4 million barrels and Cole Creek field which has been estimated at 125,298,000 barrels of Original Oil In Place (OOIP) of which the Wyoming Oil & Gas Conservation Commission estimates that 18,565,000 STBO has been produced from the field to-date. . Cole Creek includes approximately 14,000 gross acres of leasehold on or adjacent to the Cole Creek Anticline of which 7,800 acres are within the Cole Creek Unit and the balance in various Held By Production ("HBP") and term leases

. AWEC is further acquiring majority interests in producing leaseholds with opportunities to maximize production through enhanced oil recovery as well as extensively mapped exploration plays demonstrating significant development potential.

Enhanced oil recovery programs, overview http://en.wikipedia.org/wiki/Enhanced_oil_recovery

Exploration program, overview

. Major exploration currently centers on the property at Skull Valley, Utah is a well-defined and prospective exploration play

. Skull Valley has been reported by Exploration Technologies Inc. (ETI) as having features similar to, and with possibly greater potential than the nearby Grant Canyon field which has produced almost 30 million barrels of oil.

. Exploration Technologies, Inc., a third party engineering firm from Houston, Texas, identified that the similarities between the structural style (slump blocks), geologic column (reservoir rocks), and geochemical anomaly between the Grant Canyon field and the Skull Valley Prospect suggest that with almost 5000 leased acres (over 2000 acres in the heart of the geochemical anomaly) a 25 million to 35 million barrel potential is a realistic possibility

RECENT DEVELOPMENTS

Announces Preliminary Findings of Reservoir Evaluation at Cole Creek Oilfield, June 13, 2008

AWEC completes purchase of Skull Valley oil prospect, May 30, 2008

AWEC becomes the official operator of record for the South Glenrock "C" oilfield located 20 miles outside of Casper, Wyoming. AWEC will receive the right to all production from the field as of May 1st, 2008 -- May 19, 2008.

AWEC engages Petroleum Engineers Ryder Scott Company to Assess Reserves -- May 5, 2008

. Ryder Scott will prepare estimates of remaining proved, probable and possible oil and gas reserves attributable to interests in the South Glenrock "C," Cole Creek and Burke Ranch fields which Ameriwest is evaluating for potential acquisition and which are all located in the state of Wyoming.

. Founded in 1937 and based in Houston, Ryder Scott is one of the largest, oldest and most respected reservoir-evaluation consulting firms in the industry

. The initial reports will be prepared by Ryder Scott on the South Glenrock "C" field and are slated for completion on or near June 30th. Similarly, it is planned that the Cole Creek evaluation would follow approximately 4 weeks afterwards and lastly, the Burke Ranch evaluation approximately 4 weeks later.

. As part of the terms of the engagement, Ryder Scott will also prepare an economic feasibility study of each field based on the CO2 flooding simulation studies conducted previously by NITEC, LLC. These studies will provide P10, P50 and P90 estimates of all 3 oilfields.

Address: 123 West 1st Ave., Suite 215, Casper, WY 82601 Telephone: 307-266-4409 President: Walter R. Merschat Web Site: http://www.ameriwestenergy.com/ State or other jurisdiction of incorporation or organization: NV Transfer Agent: Empire Stock Transfer, Inc. Investor contact:1.888.697.4712

MARKET OPPORTUNITY

. With high oil prices, rising energy demand, limited supply, growing geopolitical tension, increased reliance on foreign oil and recent technological advancements in the field of oil recovery technology have converged

. Making it profitable to develop the Rocky Mountain region’s estimated 23 billion barrels of oil, which has been overlooked by conventional production.

. AWEC targets the prolific reservoirs of the Rocky Mountain region of the United States. The Department of Energy estimates the producing basins of Wyoming, Utah and Colorado have 33.6 billion barrels of original oil in place, 67% of which will remain stranded after primary and secondary oil recovery. ("Basin Oriented Strategies for CO2 Enhanced Oil Recovery: Rocky Mountain Region of Colorado, Utah and Wyoming", prepared for the DoE by Advanced Resources International, February 2006)

http://www.adv-res.com/pdf/Basin%20Oriented%20Strategies%20-%20Rocky_Mountain_Basin.pdf

. AWEC strategic plan is to leverage extensive geologic acumen and experience in tertiary (enhanced) oil recovery techniques to reinvigorate production in mature reservoirs, utilizing carbon dioxide flooding and 3-D seismic data to profitably develop oil stranded by primary and secondary extraction or overlooked by past exploration.

. AWEC is building on lessons learned from other company’s successful EOR (Enhance Oil Recovery) projects in Texas, New Mexico, Alberta and Wyoming and is applying up-to-date techniques in new areas with similar geology and significant resource potential.

ENHANCED OIL RECOVERY -- description

South Glenrock

Discovered in 1950, the South Glenrock field has approximately 25.48 MMBO of OOIP with an estimated 17.67 million barrels of recoverable reserves remaining.

. Ameriwest Energy recently entered into a Letter of Intent in order to secure a 99.5% working interest (78% net royalty interest) in the South Glenrock "C" field, a unit consisting of approximately 4,724 acres, located 20 miles outside Casper, Wyoming, in the southern region of the Powder River Basin. This field is currently in production and is estimated to contain a projected 4.9 million barrels of oil (MMBO) recoverable by tertiary CO2 injection. Further, South Glenrock "C" is geologically similar to nearby Salt Creek field, which is currently undergoing a successful CO2 injection program by the Anadarko Petroleum Corporation, however, there are no guarantees that South Glenrock "C" will achieve success.

. The field, which produces from a Lower Muddy channel sand averaging 13 feet thick, is a classic example of a preserved stream channel encased in non porous and non permeable shales. It is AWEC’s opinion that this encasement makes the field potentially very lucrative for CO2 tertiary oil recovery because the CO2 sweep would be contained within the sand reservoir rather than dispersed away laterally from the field. The sand averages 5,500 feet deep.

. Several engineering firms have surveyed South Glenrock "C" field and have reported that it contains approximately 22.5 million STB (Stock Tank Barrels, which measures the volume of a barrel of oil at the earth's surface) of OOIP (Original Oil In Place). Wyoming Oil and Gas Conservation Commission figures show that 7.7 million STB have been produced to date. Of this number, 5.2 million STB (+- 34%) were primary while 2.5 million STB (+- 11%) were secondary. Based on the OOIP and a full field CO2 tertiary effort, AWEC believes through field studies that an additional 20% or 4.9 million STB of oil may be recoverable. Further, because the field is currently producing, many of the well bores are usable for CO2 injection, which AWEC believes curtails development costs.

. The company believes current production of 10-15 barrels of oil per day (BOPD) could be significantly increased with standard workover projects aside from the CO2 injection program.

Burke Ranch Field

. Ameriwest Energy has entered into an Exclusive Option to Purchase (the "Option") with Hot Springs Resources, Ltd., ("Hot Springs") to acquire not less than a working interest of 95% at a 79.9% net revenue interest within the 1,920 acre Burke Ranch Unit, plus a working interest of 100% at an 82% net revenue interest in the 6,879 acre adjacent leases (outside the Burke Ranch Unit) which combined are the Area of Mutual Interest ("AMI") located in Natrona County, Wyoming.

. The Burke Ranch field consists of a total AMI of roughly 8,739 acres situated approximately 25 miles North of Casper, Wyoming located in the Powder River Basin. Discovered in 1953, the field has been estimated by the Wyoming Oil and Gas Conservation Commission at 13 million barrels of original oil in-place and has produced approximately 6.5 MMBO using primary and secondary recovery methods.

. Recent studies by engineering firms examining the tertiary recovery potential of the Burke Ranch Field via CO2 injection estimated an additional 2.4 MMBO as recoverable. Recent geologic studies including analogous fields within the area have indicated possible and probable recoverable reserves within the Muddy, Mowry/Niobrara, Frontier and Tensleep formations. These include the Twenty Mile Hill Field (1.5 MBO produced from Frontier Formation) and the Lost Dome Field (1 MBO produced from Tensleep). The producing limits of the Burke Ranch Field have not been fully established.

Cole Creek

. Ameriwest Energy has entered into an exclusive option to purchase the Cole Creek Oilfield Unit and Adjacent Leases located on or near the Cole Creek anticline in Natrona and Converse Counties, Wyoming. These interests include leasehold, production, reversionary interests, reserves, and equipment purchased from Alpha Development Company and JK Minerals.

. There are approximately 14,000 gross acres of leasehold on or adjacent to the Cole Creek Anticline of which 7,800 acres are within the Cole Creek Unit and the balance in various Held By Production ("HBP") and term leases. Within the Cole Creek Unit, Ameriwest is purchasing slightly more than 68% of all formations from the surface to the base of the Shannon Formation which is at 4500’ and will be operated by Ameriwest. Below the base of the Shannon formation, Ameriwest will own approximately 35% of the working interest in the productive formations which are Frontier, Dakota, and Lakota and the same percentage of the potentially productive formations which are the Niobrara Shale, Muddy Sand, Mowry Shale and the Tensleep Sand.

. The Original Oil in Place ("OOIP") in the Shannon, Frontier, Dakota, and Lakota formations has been calculated in an early study by Mobil Oil and recently studied by an independent geologist in 2001. These earlier noted assessments indicate the OOIP was estimated at 125,298,000 standard barrels of oil ("STBO") of which, the Wyoming Oil & Gas Conservation Commission estimates that 18,565,000 STBO has been produced from the field to-date. Presently, NITEC LLC of Denver, Colorado is substantiating these numbers as well as calculating the recoverable reserves by tertiary recovery methods. Currently, the existing operational wells within Cole Creek Field are producing a cumulative 225 Barrels of Oil Per Day ("BOPD").

EXPLORATION - description

Skull Valley

. Ameriwest Energy completes the purchase of Skull Valley oil prospect, May 30, 2008

. The Skull Valley oil prospect is estimated to contain potentially 25 to 35 million barrels of oil (MMBO), recoverable by primary production methods.

. Shell Global Solutions introduced a new oil and gas prospecting technique that has generated considerable interest in exploration technology. Shell calls the new exploration tool, "LightTouch" which helps locate new hydrocarbon reserves by measuring the ethane gas that naturally migrates from hydrocarbon reservoirs through overlying rock strata. Ethane anomalies are never biogenic and therefore are good indicators of buried oil and gas reservoirs.

. The Skull Valley oil prospect was first identified by geochemical surveying, a process similar to Shell’s LightTouch, conducted by Gulf Oil Company in the 1970’s. The prospect exhibits a significant soil gas anomaly (see figure 1) which has been found to indicate near surface light hydrocarbon seepage sourced from underlying oil accumulations in the surrounding area. This prospect includes the prolific Grant Canyon field in Railroad Valley Basin, Nevada. The Grant Canyon field has produced over 20 million barrels of oil since 1983 and may ultimately produce a total of 30 million barrels. The Grant Canyon #3 well flowed at an average rate of 3,809 barrels of oil per day during the month of April, 1987, making it the most prolific single producing onshore well in the U.S. (see figure 3).

. Surface soil gas surveys conducted by Exploration Technologies, Inc. (ETI) have demonstrated that the Grant Canyon field, and all of the producing fields in Railroad and Pine Valleys of Nevada, have well defined, near surface soil gas anomalies. Gas anomalies consisting of ethane and propane are typically associated with oil reservoirs while gas anomalies consisting of only methane are associated with bio-gases. The geochemical anomalies identified in Skull, which contain propane and ethane, are similar in magnitude and composition to all of the other Nevada oil fields, and even exhibit compositions greater than the Grant Canyon field (see figure 3).

. In the 1990’s two exploration wells were drilled on the Skull Valley prospect (see figure 1 & figure 2). The Pierce well, targeted at 7,000 feet, reached a total depth of 2,018 feet and was abandoned after losing circulation 9 times. The Saxon well, drilled adjacent to Pierce at a total depth of 6,392 feet, was located on the same structure and in approximately the same surface location as the Pierce well. Both the Saxon and Pierce wells were drilled on structural "highs" contrary to the geochemical data—the prolific Grant Canyon and Trap Spring discoveries were drilled on structural "lows". While the primary objective, the Devonian Guilmette dolomite, was never reached, good quality reservoir rocks were encountered above the Devonian target. The Pierce and Saxon wells have provided essential information including geologic data, well logs, cutting samples and 3-D seismic data to support further exploration of the Skull Valley Prospect.

. Ameriwest’s proposed well is located in an area where significant propane and ethane anomalies were observed by Exploration Technologies Inc. In addition, the proposed well is located on a geological "low" which is similar to the Grant Canyon discovery (see figure 1 & figure 2).

. Recently Wolverine Gas and Oil (a Michigan-based company) announced that its Kings Meadow Ranch # 17-1 Range 1 West well in Sevier County, Utah has about 40 barrels per hour flowing from the Navajo sandstone. The project is located due south of the Skull Valley Prospect, and in our opinion, well within the bounds of this geologic province.

COMPARE & CONSTRAST GOOD COMPARISONS -- ranked in order of largest market cap first
Company	Symbol	Market Cap	Rev	Net Income	Book
		($mm)	($mm)	($mm)	($mm)
Nobel Energy	NBL	$17,880	$1,025	$215	$5,043
Ultra Petroleum Corp.	UPL	$14,170	$271	$101	$854
Gasco Energy Inc.	GSX	$428	$3	-$4	$25
Cano Petroleum	CFW	$296	$12	-$2	$95
American Oil & Gas	AEZ	$191	$1	-$1	$84
Credo Petroleum	CRED	$116	$5	$2	$43
Rancher Energy	RNCH	$40	$0	-$2.0	$72
Ameriwest	AWEC	$35	$0	-$0.3	$1

Comparable companies are, in order of market capitalization

Nobel Energy (NYSE:NBL) Large market cap, one of its areas of focus is Colorado's Wattenberg field in the Rocky Mountain field.

Ultra Petroleum (NYSE:UPL) Large market cap, active in the Powder River Basin & Green River Basin in southwest Wyoming, where Ameriwest has its producing properties.

Gasco Energy (GSX) Another good example from Rocky Mountain Region, focused on the Riverbend project located in the Uinta Basin of northeastern Utah

Cano Petroleum (CFW) A success story in which CFW has focused on secondary and enhanced oil recovery in the Texas area. CFW benefited by being one of the first movers in the Texas area to implement a successful enhanced recovery program. Ameriwest is one of the first movers in the Rocky Mountain Region to acquire land with enhanced recovery potential.

American Oil & Gas (AEZ) Significant success story that focused on the Rocky Mountain Region. American Oil and Gas has successfully implemented a strategy similar to Ameriwest's by focusing on areas with large known hydrocarbon accumulations and historical production. AEZ is active in Fetter project in the Powder River Basin, Wyoming; the Krejci Oil project Niobrara County, Wyoming; and the Goliath project covering in Williston Basin, North Dakota

Credo Petroleum (CRED) Focused on optimizing production by acquiring historical producing wells and applying new technology. Their main focus is on past and existing gas wells (not oil). However, CRED validates Ameriwest's strategy of acquiring past producers and being able to drive large profits by applying enhanced recovery methods.

Rancher Energy (RNCH) NCH operates in the same basin as AWEC. The stock has performed poorly over the past 12 months while management worked towards executing its development plan. AWEC's South Glenrock "C" property is attached to RNCH's Glenrock "B" property which is expected to be the first property Rancher will flood with CO2. The Glenrock "C" and Glenrock "B" have reservoir communication meaning that any CO2 flooded into RNCH's field will migrate to AWEC's South Glenrock "C" field and significantly increase AWEC’s production.

VALUATION

Development of mature oil fields

. Enhanced oil recovery (EOR) projects are central to AWEC’ss business model.

. EOR utilizes methods such as waterflooding and gas injection to increase the amount of oil that can be extracted from a reservoir. AWEC’s development efforts are focused mature oil fields.

. Among the benefits of focusing on mature oil fields is limited competition as well as virtually no exploration risk since the company’s portfolio is comprised of proven reserves.

Exploration

. Major exploration currently centers on the property at Skull Valley, Utah is a well-defined and prospective exploration play . Skull Valley has been reported by Exploration Technologies Inc. (ETI) as having features similar to, and with possibly greater potential than the nearby Grant Canyon field which has produced up to 30 million barrels of oil.

AWEC appears to have a balanced program of development and exploration

It seems likely that Ryder Scott’s reserve assessment program/project, to be completed in stages with the first deliverable near the end of June, 2008, will yield positive results.

"Ryder Scott will prepare estimates of remaining proved, probable and possible oil and gas reserves attributable to interests in the South Glenrock "C," Cole Creek and Burke Ranch fields which Ameriwest is evaluating for potential acquisition and which are all located in the state of Wyoming." http://biz.yahoo.com/iw/080505/0393377.html

Compare stock prices for the last three months of the three largest market cap "compare & contrast" from above with AWEC’s stock price http://gaskinsco.com/awec-compare-chart.png

In light of the above, AWEC appears to be undervalued. If the initial Ryder Scott reserve study results are favorable, it seems reasonable that AWEC’s market capitalization could approach $75mm, and exceed that of Rancher’s (RNCH), which suggests a per share price approaching $1.38 for AWEC, not counting additional financing dilution.

MANAGEMENT

Walter R. Merschat, President

Mr. Merschat is a petroleum geologist with over 35 years of experience in the oil and gas business. He founded Scientific Geochemical Services (SGS) in 1987, as a company focused on conducting and interpreting geochemical surveys. Since its inception, SGS has conducted exploration surveys encompassing more than one hundred thousand sample locations in numerous offshore and onshore basins worldwide. Previous to forming SGS, Mr. Merschat worked for Gulf Research and Development, a division of Gulf Oil Co., where he focused on the execution and interpretation of geochemical programs in the Rocky Mountain region of Wyoming and in the Basin and Range geologic province of Nevada and Utah. During his tenure at Gulf, Mr. Merschat preformed the geochemical surveying on Ameriwest’s Skull Valley prospect, located in Tooele County, Utah. Mr. Merschat received an M.S. in Geology at Ohio University in 1971 and a B.S. in Geology in 1967.

Mr. Jon Clement Nicolaysen, Director

Mr. Nicolaysen brings over 40 years of experience in business, mineral development and agriculture to Ameriwest. He has served as president of JK Minerals Inc., a private oil company, for 19 years. Under his leadership, JK Minerals consolidated ownership and increased production in the historic Cole Creek Oil field northeast of Casper, Wyoming. In 2001, he became the unit operator of the Cole Creek Oil field. He also is a founding member of Wyoming Mineral Exploration, LLC (2004), and Muddy Mineral Exploration, LLC (2007). Mr. Nicolaysen practiced his particular expertise in land title and acquisition to consolidate other productive fields in the Powder River Basin of Wyoming including the South Glenrock Block "C" unit and the Big Muddy Oil field.

Mr. Nicolaysen received an M.S. in Business Administration degree from the University of Wyoming in 1970, a B.S. in Business Administration degree from the Colorado College in 1968, and was an inaugural member of the Wyoming Agriculture Leadership Program, a W.K. Kellogg Foundation-sponsored fellowship from 1984-1986.

Chris Wright, Director

Mr. Wright has over 20 years of experience in finance and administrative management in both private and public companies. In 1995, he founded Velvet Exploration Ltd., an oil and gas company based in Calgary, Alberta, Canada, which later traded on the Toronto Stock Exchange. Mr. Wright served as the chairman of Velvet Exploration until it was sold to El Paso Corporation in June 2001 for Cdn. $432 million. Since 1997, Mr. Wright has been the president and CEO of First Merit Group Ltd., a private venture capital and investment firm based in Canada. Mr. Wright received a law degree from the University of Victoria in 1986 and a bachelor¹s degree from the University of Alberta in 1981.

Reservoir Engineers, NITEC, LLC,

NITEC LLC was founded in 1995 by a group of highly experienced petroleum engineers with the goal of providing the best possible reservoir evaluation services to oil and gas companies and regulatory agencies. Their stated focus is to maximize their clients’ investments while minimizing their client’s risks. To date, NITEC has performed many large, fully integrated reservoir studies on highly complex reservoirs, and smaller reservoir and well evaluations. The company has continued to grow each year, both in the number of projects awarded, and in its reputation and recognition for producing outstanding reservoir studies.

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DISCLAIMER: The information, opinions and analysis contained herein are based on sources believed to be reliable but no representation, expressed or implied, is made as to its accuracy, completeness or correctness. Past performance is no guarantee of future results. This report is a paid advertisement and is for information purposes only and should not be used as the basis for any investment decision. ID has been compensated up eighty five hundred dollars from Dunstone Corporation for preparation and posting of this report and other advertising services. This constitutes a conflict of interest as to ID’s ability to remain objective in its communication regarding the subject company. Analysts, principals, associates and employees of ID do not own or trade equities under coverage. For detailed disclosure as required by Rule 17b of the Securities Act of 1933/1934 contact IPOdesktop, 11693 San Vicente Blvd., #350, Los Angeles, CA 90049. ID is not an investment advisor and this report is not investment advice. This information is neither a solicitation to buy nor an offer to sell securities but is a paid advertisement. Information contained herein contains forward-looking statements and is subject to significant risks and uncertainties, which will affect the results. The opinions contained herein reflect our current judgment and are subject to change without notice. We encourage our readers to invest carefully and read the investor information available at the web sites of the U.S. Securities and Exchange Commission (SEC) at http://www.sec.gov and the National Association of Securities Dealers (NASD) at http://www.nasd.com. The NASD has published information on how to invest carefully at its web site. Readers can review all public filings by companies at the SEC's EDGAR page.