AmeriWest Energy Corp. (OTCBB: AWEC) was recently given a speculative strong buy rating from the research firm Bridge IR Group in their most recent research report. Contained in the report is an informed analysis that also projects a 12-month target price of $1.75. That value is a 1750% return to investors at todayâ€™s market price of around $0.10.
Ameriwest is a growing, revenue-positive energy company producing underdeveloped oil resources in the prolific Rocky Mountain region of the United States. The company operates by utilizing their strategic combination of low-risk tertiary recovery projects and extensively mapped exploration plays that show significant upside potential. All projects incorporate considerable historical data and are in close proximity to excellent support infrastructure. Ameriwest has become the operator of record for two of their properties and secured their first oil sale purchase agreement, achieving the status of revenue-generating oil producer.
Currently, Ameriwestâ€™s tertiary recovery program includes lease options at South Glenrock â€œCâ€ with their potentially recoverable 4.9 million barrels of oil (MMBO), the Burke Ranch field that has a recovery potential of 2.4 MMBO, and Cole Creek field with a recovery potential of 4.3 million gross standard barrels of oil (MMSTB) from the Shannon Formation, and 14.4 MMSTB from the Second Frontier, Dakota, and Lakota Formations.
More than two-thirds of the oil discovered in the United States remains in the ground, as the majority of it is stranded after primary production methods have run their course. There is an estimated 34 billion barrels of original oil in place in the rich Rocky Mountain region, approximately 23 billion barrels of which will be left behind after the traditionally recoverable oil is produced. Ameriwest Energy Corp. specifically targets underdeveloped stores of oil stranded in Wyoming and Utahâ€™s prolific reservoirs, leveraging leading edge recovery methods and local geological expertise to meet the rising demand for oil.